Article • about 1 year ago
Impact Theory Charged by SEC for Unregistered Offering of NFT Securities
Summary
- Impact Theory, LLC has been charged by the SEC for conducting an unregistered offering of NFT securities.
- The company raised around $30 million from investors through this offering.
- The SEC found that the NFTs offered by Impact Theory were investment contracts and classified as securities.
- Impact Theory violated federal securities laws by offering and selling these NFT securities without registering the offering or qualifying for an exemption.
- As part of the settlement, Impact Theory will pay over $6.1 million in disgorgement, prejudgment interest, and civil penalties and will establish a Fair Fund to return the money to harmed investors.
