ND to receive portion of multimillion-dollar cryptocurrency settlement
BISMARCK, N.D. (KFYR) - North Dakota will be receiving a portion of a multimillion-dollar settlement reached among many states and territories with the cryptocurrency platform Nexo Capital Inc., a Cayman Islands corporation formed in 2018.
The North Dakota Securities Department on Monday announced it entered into a settlement agreement with Nexo after an investigation revealed it sold unregistered stocks and bonds.
They claimed certain investors could obtain returns as high as 36% but did not disclose critical information to their investors to fully understand their potential risks.
A working group negotiated a $22.5 million multi-state settlement with Nexo on behalf of 53 United States jurisdictions.
Nexo will be ordered to pay a fine of nearly half a million dollars to states that are part of the settlement, including North Dakota.
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