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VERI Fair Fund

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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.

UPDATE:

The claim submission period for the VERI Fair Fund ended on November 1, 2021. The Distribution Agent is currently reviewing each of the claim submissions and 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. The determination notice will include instructions regarding how a claimant can cure a defective claim or seek reconsideration of the Distribution Agent’s claim determination.

Once this process 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 via check or wire transfer. Distribution payments will not be made in cryptocurrency.

The Distribution Agent will provide a further update regarding the status of the claims process in the new year. We very much appreciate your patience during this process.

 

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