The SEC obtains a default judgment against the founder of Thor Technologies.
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Thor Technologies finds itself at a juncture where it must disburse a substantial sum of $903,193.06, comprising a disgorgement amounting to $744,555 and an additional $158,638.06 in prejudgment interest.
A legal conundrum has befallen Thor Technologies and its founder and former CEO, David Chin, as they confront the United States Securities and Exchange Commission (SEC) in an ongoing dispute pertaining to the unauthorized sale of $2.6 million in cryptocurrency assets.
The SEC recently declared victory on October 19, following the issuance of a default judgment against Chin and Thor by the U.S. District Court for the Northern District of California, San Francisco, on October 18. A default judgment, a legal pronouncement by the court, is rendered when one party involved in a lawsuit fails to respond or present a defense within the stipulated legal timeframe. This typically occurs when the defendant neglects to file a response to the plaintiff’s complaint or fails to appear in court as required.
According to the SEC’s complaint filed on December 21, 2022, Chin and Thor Technologies managed to raise $2.6 million from approximately 1,600 investors between March and May of 2018. This capital was intended to fuel a software platform designed for gig economy workers and businesses. The SEC contends that the offers and sales of Thor tokens occurred without proper registration with the SEC and were marketed as investment opportunities.
These funds were sourced from the sale of the Thor (THOR) cryptocurrency, involving around 200 investors within the United States. The SEC has accused Chin and Thor of breaching federal securities laws by issuing and vending unregistered Thor tokens without fulfilling the exemption requirements.
In addition, the SEC alleges that Chin and Thor furnished investors with information that was not only inaccurate but also misleading concerning the project’s progress, collaborations, and earnings. In April 2019, after announcing a temporary halt in operations due to regulatory challenges, Chin made assurances to investors about repayment while devising a strategy. Despite these promises, the SEC discovered that Chin failed to reimburse any funds to investors, instead diverting some earnings into his personal bank account.
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