SEC Orders Sparkster and Its CEO to Pay More than $35 Million Settlement to Harmed Investors

Crypto firm Sparkster and its CEO Sajjad Daya agreed to pay more than $35 million in a settlement with the SEC over an "unregistered crypto asset offering" in 2018. "The resolution with Sparkster and Daya allows the SEC to return a significant amount of money to investors and requires additional measures to protect investors, including the disabling of tokens to prevent their future sale," said Carolyn M. Welshhans, associate director of the SEC’s Division of Enforcement. "Without admitting or denying the SEC’s findings, Sparkster agreed to destroy its remaining tokens, request the removal of its tokens from trading platforms, and publish the SEC’s order on its website and social media channels," the SEC said in a press release.