SEC settles with Ideanomics over $40 million in cryptocurrency fraud

Odaily News The U.S. SEC has reached a settlement with Ideanomics over financial reporting fraud involving $40 million in cryptocurrency. The SEC accused Ideanomics of reporting more than $40 million in revenue in 2019 through false accounting related to crypto asset transactions. This false reporting resulted in overstated financial statements, deceiving shareholders and the public into misunderstanding the companys financial condition. All parties involved reportedly agreed to the settlement, neither admitting nor denying the findings of the U.S. SEC. Former Chairman and CEO Bruno Wu agreed to pay more than $3.3 million in ill-gotten gains, prejudgment interest, and a $200,000 fine. Ideanomics agreed to pay a $1.4 million fine and will hire an independent compliance consultant to review and strengthen its internal accounting controls. (Cointelegraph)