SEC brought forward against Vietnamese citizen Vai Pham living in the United States accusation of fraud for participating in schemes to manipulate the Saitama Inu and Robo Inu meme token markets.
The department also believes that the assets were offered and sold as unregistered securities.
According to the SEC, Pham (known as msvy_crypto) personally participated in market manipulation of Saitama through coordinated token purchases with other promoters. In this way, they created the illusion of a growing market, attracting investors.
At the same time, the regulator admitted that the defendant’s participation in the project was short-lived.
Later, msvy_crypto launched the meme coin Robo Inu, which was promoted using unsubstantiated claims. For example, she stated that the coin was “inspired by NASA’s ambitious plan to launch robot dogs to Mars.”
Pham also promised investors the construction of a “fintech ecosystem” that would “maximize the value” of Robo Inu.
To create an artificial trading volume and manipulate the price of the token, the promoter hired market maker Gotbit.
Fam agreed to settle claims. The settlement provides for a ban on holding management positions, the return of illegally obtained profits and a civil fine. The transaction is subject to approval by the court, which will determine the amount of financial sanctions.
The SEC noted assistance in the investigation of offenses by msvy_crypto from FBI and the Massachusetts Attorney General’s Office, which simultaneously filed a criminal case.
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Source: Cryptocurrency
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