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SEC Sues Prosper Founder Chris Larsen for Violation of Securities Law at Ripple

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Xenon481:
The value of the Ripple "cryptocurrency" is down 33% on the news to about $0.32/XRP.

https://www.theverge.com/2020/12/22/22196064/ripple-sec-cryptocurrency-security-currency-xrp


--- Quote ---Ripple, its former CEO and founder Christian Larsen, and its current CEO Bradley Garlinghouse are being sued by the US Securities and Exchange Commission. The SEC says that they raised more than $1.3 billion through an unregistered securities offering.

--- End quote ---


--- Quote ---According to the complaint, the “illegal securities offering” created an information asymmetry that let Larsen and Garlinghouse sell XRP to investors who only knew what Larsen and Garlinghouse chose to tell them.

--- End quote ---

Xenon481:
Nominating this thread to go in The Lobby.

pioneer11:
Second

Xenon481:
Ripple down to $0.27 now.

Xenon481:
It's also notable that Chris Larsen has now started two different companies that have been sued by the SEC for violating securities law.

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