IX/D.E.B.T. v S.E.C. Update December 2023:
“On October 6, iX Global achieved a monumental win in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
In a recent TRO hearing, the presiding Judge made the crucial decision to dissolve the Temporary Restraining Order (TRO) previously levied against iX Global and DEBT Box.
The Court’s decision comes after scrutinizing the evidence presented and recognizing discrepancies and potential misrepresentations in the SEC’s complaint.
The importance of this hearing was underlined by the presence of Tracy S. Combs, Director of SEC’s Salt Lake Regional Office, who was summoned by the Judge just hours before the hearing. The Court’s stance was clear – maintaining the highest standards of accuracy and fairness in all proceedings.”
As of December 2023:
The SEC’s acknowledgment of errors in the case has raised concerns about accuracy and transparency. Key points include:
- Shortcomings in Duty: The SEC admits to falling short in accuracy and candor to the court.
- Inaccurate Representations: During a hearing, SEC counsel made inaccurate statements, and these were not corrected when the errors were later identified.
- Failure to Differentiate: The SEC did not clearly distinguish between factual statements and inferences, leading to potential misunderstandings.
- Lack of Direct Evidence: Certain claims by the SEC, such as attempts to move assets overseas, were based on inferences rather than direct evidence.
- Misrepresentation of Facts: Statements regarding the closure of 33 bank accounts were factually incorrect but presented as true. Subsequent filings continued to mischaracterize these events.
- Delayed Corrections: The SEC did not promptly correct or clarify inaccuracies, raising concerns about transparency.
In summary, the SEC’s handling of the case has revealed issues with accuracy, transparency, and corrective actions. The judge will assess factors like intent and severity to determine if sanctions are necessary.
About iX Global
iX Global is an educational and self development fintech platform that works on the philosophy of learning and earning. You can subscribe to the courses to learn financial skills to implement for yourself, and also earn money through the referral bonus structure that the company has put in place for its Brand Ambassadors. iX members also become a part of a community that works together towards each other’s personal and financial goals. For more information, please visit www.ixglobal.us
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