Sec Reaches $1.1 Million Verdict Against Crypto Scammer 'Stemy Coin'

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The United States Securities and Exchange Commission (SEC) has reached a default judgment of $1.1 million against Keith Crews, a resident of Kennesaw, Georgia, for running a cryptocurrency fraud scheme called "Stemy Coin." From October 2019 to May 2021, Crews raised at least $800,000 from approximately 200 investors, primarily from the Black community and churches, by promoting Stemy Coin as being backed by stem cell technology and operational laboratories.

The court ordered Crews to pay $1.1 million, including $530,000 in restitution and penalties. He is also prohibited from violating securities laws in the future. The case highlights the risks that vulnerable communities face in the poorly regulated cryptocurrency market.

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