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VERI Fair Fund

Welcome to the VERI Fair Fund Website

SEC v. Middleton et al., Case No. 19-cv-4625

On August 12, 2019, the SEC commenced an action against Reginald Middleton, Veritaseum, Inc., and Veritaseum, LLC (collectively, the “Defendants”). The SEC alleged that, beginning on April 25, 2017, the Defendants fraudulently raised approximately $14.8 million from the unregistered sales of digital securities called “VERI” based on a series of false and misleading statements to potential and actual investors, including misrepresentations about the potential profitability and viability of Veritaseum’s purported operations, the use of funds raised in the VERI initial coin offering (“VERI ICO”), and the amount of funds raised in the VERI ICO. The SEC further alleged that, after the VERI ICO, Middleton placed manipulative VERI trades on a digital asset platform to artificially increase its price and then publicly touted the price increases.

On November 1, 2019, the Court entered the Final Judgment that ordered the Defendants pay disgorgement of $7,891,600 and prejudgment interest of $582,535 and ordered Middleton to pay a civil penalty of $1,000,000. The Court created the Veritaseum Fair Fund pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, 15 U.S.C. § 7246(a), combining the collected disgorgement, prejudgment interest, and civil penalties for distribution.

If you received VERI tokens between April 25, 2017 and August 14, 2019, you may be eligible for compensation from the VERI Fair Fund.


The deadline to submit a claim to the Veritaseum Fair Fund has now expired. The Distribution Agent is continuing to review each of the claim submissions and is assisting claimants in completing the wallet verification process. Once the review process for all claims is complete, the Distribution Agent will provide a determination notice to each claimant detailing the status of their claim.

After the Distribution Agent has completed the process of analyzing the claims and determining Total Loss Amounts and potential Distribution Payments in accordance with the Distribution Plan (the “Plan”), and prior to the distribution of any funds, they will engage an independent firm to ensure an accurate application of the Claim Process and the Plan’s methodology. This important process is required by the Plan and will take some time to complete.

Once the third-party review is complete, the Distribution Agent will seek authority from the Court to distribute the VERI Fair Fund to eligible claimants. All distribution payments to eligible claimants with approved claims will be issued in USD via check or wire transfer.

The Distribution Agent will provide a further updates regarding the status of the claims process on the front page of our website as the claims process continues. We very much appreciate your patience during this process.


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