New York fintech firm Titan Global Capital Management has agreed to pay the U.S. Securities and Exchange Commission over $1 million in fines after the regulator charged it with misleading investors over its crypto product. 

In a statement Monday, Wall Street’s top watchdog said that Titan made “conflicting disclosures to clients” about how it custodied crypto assets. 

Titan, according to Monday’s release, promised investors “annualized” performance results as high as 2,700% for its Titan Crypto strategy but didn’t tell investors the returns were extrapolated from a hypothetical three-week period during which no trading occurred. In other words: They were made up.

“Titan’s advertisements and disclosures painted a misleading picture of certain of its strategies for investors,” the SEC said. “This action serves as a warning for all advisers to ensure compliance.”

The SEC also alleged that Titan failed to adopt policies and procedures concerning employee personal trading in crypto assets.

Titan agreed to pay a $850,000 civil penalty that will be distributed to affected clients and give back ill-gotten gains and interest of over $192,000—but did not admit or deny the SEC’s findings. 

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Author: Mathew Di Salvo

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