The crypto industry is under increased scrutiny, and NovaTech is the latest to feel the regulatory heat from the US Securities and Exchange Commission (SEC).
On February 13, 2024, the US District Court for the Northern District of Texas granted the SEC’s request to enforce subpoenas against Dapilinu Dunbar and Corrie Sampson, NovaTech’s leading promoters.
Why Is the SEC Investigating NovaTech?
NovaTech allegedly operates on a multilevel marketing strategy, drawing the SEC’s attention for possible violations of securities laws. Indeed, the focus is whether Dunbar, Sampson, and others have breached regulations through their promotional activities.
The court’s move to enforce the subpoenas came after Dunbar and Sampson repeatedly dodged compliance, also failing to provide vital documents and testimony. Now, Catherine Rowsey, Todd Baker, and Jamie Haussecker lead the SEC’s investigation into NovaTech.
“The SEC is continuing its fact-finding investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws,” SEC wrote.
Read more: How To Identify a Scam Crypto Project
The SEC’s enforcement is part of a wider clampdown on crypto entities that skirt US regulations.
For instance, Adam Colin Todd, CEO of Digitex Futures Exchange, faces charges for neglecting anti-money laundering (AML) and Know-Your-Customer (KYC) protocols per
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Author: Harsh Notariya
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