TechFlow news, November 30 — According to DL News, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Touzi Capital and its CEO, Eng Taing, alleging a $115 million unregistered securities offering fraud. According to the complaint, from 2021 to early 2023, the defendants raised approximately $118 million by falsely promoting cryptocurrency mining and debt restructuring ventures—$95 million tied to crypto mining projects and $23 million to debt restructuring—impacting over 1,500 investors across the United States.
The SEC stated that Taing misrepresented the investments as "stable and predictable" high-yield savings accounts, while in reality they were "highly speculative and illiquid." The SEC alleges that the defendants misappropriated investor funds for personal use and continued soliciting new investors even after the businesses began collapsing. In fiscal year 2024, the SEC brought 583 enforcement actions and obtained a record $8.2 billion in financial remedies.
