Cherubim Interests, PDX Partners, and Victura Construction Group are the three companies suspended by the U.S. Securities and Exchange Commission (SEC). Now these three companies cannot be trade in the stock market. Among the three one company was trying to bring an initial coin offering. The SEC said, “it was concerned about the nature of the companies’ business operations and the value of their assets.”
The agency announced on Thursday that it has “suspended trading in the three companies amid question surrounding similar statement they made about the acquisition of Cryptocurrency and blockchain technology related assets.”. In August, the SEC has issued an investor alert related to ISO claims. The agency added that “fraudsters often try to use the lure of new and emerging technologies to convince potential victims to invest their money in scams.”
Trading in all three stocks is banned until midnight of March 2.
The Company’s Side
Meanwhile, the three companies have released a press statement claiming that they have “acquired AAA-rated assets from a subsidiary of a private equity investor in Crypto currency and blockchain technology, among other things.”
Cherubim’s suspension from the stock market is because of its illegality in filing annual and quarterly reports with the Commission.
Patrick J. Johnson was listed as the chief executive officer in the three companies’ press releases. Johnson told that PDX Partners makes iPhone apps. He also said, “last month the company acquired $350 million in assets belonging to a private equity firm called NVC Fund Holding Trust whose portfolio includes Crypto currency and business financial services.”
Cherubim announced on January 3 that it has “executed a financing commitment of $100,000,000 to launch [an] initial coin offering for The Self Sustaining Intentional Communities Coin (Symbol SJT),” adding that “The sale of the coins will generate the capital to create self-sustaining intentional communities across the US and across 57 nations.”