SEC Cracks Down on Ideanomics for Fraud in Misleading Crypto and Revenue Disclosures

SEC Cracks Down on Ideanomics for Fraud in Misleading Crypto and Revenue Disclosures

The U.S. Securities and Exchange Commission (SEC) has charged Ideanomics Inc. and three of its senior executives with fraud for misleading financial disclosures from 2017 to 2019. Former Chairman and CEO Zheng (Bruno) Wu, current CEO Alfred Poor, and former CFO Federico Tovar were implicated in overstating the company’s financial performance and failing to disclose critical information to investors. Specifically, in 2017, the company falsely projected $300 million in revenue but reported only $144 million. Additionally, Wu hid his personal interests in companies involved in deals with Ideanomics. In 2019, the company improperly accounted for a crypto asset deal, inflating revenues by more than $40 million. As part of a settlement, Ideanomics agreed to pay $1.4 million and undergo a compliance review. Wu will pay over $3.3 million and faces a ten-year ban from serving as an officer or director, while Poor and Tovar will each pay $75,000 in penalties.

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11.08.2024

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