RYVYL, Inc.; Fredi Nisan; Benzion Errez
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"District Court for the Southern District of California, beginning in October 2020, RYVYL, Nisan, and Errez defrauded the investing public by falsely depicting RYVYL in its public filings with the SEC as a cutting edge financial technology company that developed, marketed and sold “innovative blockchain-based payment solutions” and that its “proprietary blockchain-based technology” served as the settlement engine for all transactions within its ecosystem."
"No. 3:26-cv-02672 (S.D."
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"Without admitting or denying the allegations in the SEC’s complaint, RYVYL, Nisan, and Errez consented to the entry of final judgments, subject to court approval, that would permanently enjoin each defendant from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 thereunder, as well as permanently enjoin RYVYL from violating Section 13(a) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, 13a-13 thereunder and Nisan and Errez from aiding and abetting such violations; impose civil penalties of $230,464 against Nisan and Errez; and prohibit Nisan and Errez for five years from serving as an officer or director of a public company."