The Securities and Exchange Commission (SEC) this week won rulings against two defendants in a cryptocurrency scam that allegedly defrauded up to $45 million out of private investors.
The U.S. Court for the Northern District of Illinois entered final judgments against Arline Woodbury of Ridgewood, New Jersey, and Joyce Holverson of River Forest, Illinois, for their part in a supposed technology sale purported to be worth billions of dollars.
The SEC’s complaint alleged that Woodbury and Holverson raised more than $3 million acting as downstream promoters for a CoinDeal scheme, from which investors would generate massive returns from the imminent sale of secret blockchain technology.
Eight other defendants have been charged in connection with the scam, including the alleged orchestrator Neil Chandran.
The SEC has been investigating the scheme, which took place between 2019 and 2022, and finally charged a number of those involved in early January this year.
Daniel Gregus, director of the market regulator’s …
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