Chicago Hispanic Newspaper, Lawndale News, Hispanic Bilingual Newspaper, Su Noticiero Bilingue » Crypto Lender Pays Over $400,000 to Illinois Investors

Secretary of State Alexi Giannoulias announced that Illinois will receive $424,500 as part of a $45 million multistate settlement with Nexo Capital, Inc. The Secretary of State’s office, through the Illinois Department of Securities, joined other state security administrators and the Securities and Exchange Commission (SEC) in a $45 million investigation and settlement with Nexo Capital, Inc. (Nexo) offered and sold unregistered securities in digital asset investments as part of This is part of her $45 million ($22.5 million) settlement that will be distributed to state securities regulators. His EIP (Earn Interest Product) account on Nexo allowed a customer to deposit crypto assets into her Nexo. In exchange, customers earned interest on the deposited crypto assets. The interest rates offered were significantly higher than those offered for short-term, investment grade, fixed income securities, or bank accounts. Illinois found that when Nexo provided his EIP, it failed to disclose material information about its investments and failed to disclose all the risks associated with digital assets. In addition to the financial settlement, Nexo has agreed to stop offering EIPs unless they are properly registered. Also, by February 1, 2023, the investor has also agreed to notify the account holder that he must withdraw the assets from the account by April 1, 2023. The Company has also agreed to segregate US investor assets and recognizes that US investors retain legal title to them. Do not use assets for risky speculative activities. For investor information, please contact the Illinois Department of Securities at 800-628-7937.