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Last updated on December 31st, 2019 at 06:59 am

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Reggie Middleton and Veritaseum has been discharged with a court order to pay $8.4 million from illegal coin offering. 

The New York Eastern District Court has ordered the CEO of Delaware-registered blockchain firm Veritaseum LLC and New York-registered Veritaseum Inc., Reggie Middleton, to pay $8.4 million for illegal coin offering. 

According to the report from FinanaceFeeds the court charged Reggie and Veritaseum for a discharge of $7,891,600, which is a part of illegally earned profit as well as prejudgment interest amount of $582,535.

The lawsuit was raised by the United States Securities and Exchange Commission (SEC) in mid-August 2019. SEC allegedly filed a compliant  against Middleton and two of his firms for illegal initial coin offering.

The SEC alleged that the platforms were responsible for unregistered initial coin offering from late 2017 to 2018. The authority then requested a U.S. District Court to freeze the defendants’ assets.

SEC entered settlement talks with Veritaseum afterwards. Then the case was later rescheduled at the initial conference at the New York Eastern District Court for Nov. 14, 2019. 

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