| Stefan Qin
Accounts At CoinBase and Kraken Are Frozen
by Ex Parte SDNY Order for SEC
By Matthew
Russell Lee, Exclusive Patreon
BBC
- Guardian
UK - Honduras
- ESPN
SDNY COURTHOUSE,
Dec 23 – An asset
freeze against Stefan Qin's
Sigma Fund was sought and
obtained by the U.S. Security
and Exchange Commission at 7
pm on December 23.
No defense lawyer
was present.
Inner City Press
covered and live tweeted it, here:
(and added more on Patreon here)
It's 7 pm and the
SEC has gotten an ex parte
hearing to freeze accounts,
before U.S. District Court for
the Southern District of New
York Judge Lorna G. Schofield.
"Qin, Virgil
Capital & Sigma Fund 'held
millions worth of digital
assets at 39 trading
platforms." SEC lawyer
Susan Lamarca said she spoke
with defendant's lawyer, who
said they would only appear if
required.
SEC: "This is ex
parte, to freeze assets."
SEC: "Qin
is a citizen and resident of
Australia and part-time
resident of New York. He is
currently believed to be in
Seoul, South Korea and owns
these LLCs through Virgil
Technologies LLC, domiciled in
the Cayman Islands."
SEC: "Qin
claims to use a proprietary
trading algorithm for the
Sigma Fund to generate better
returns that an investment in
Bitcoin." SEC asks:
"defendants to disgorge their
ill-gotten gains according to
proof, plus perjudgment
interest thereon."
SEC lawyer says
the assets are in CoinBase and
Kraken, who are temporarily
maintaining a compliance hold.
But it could end anytime. "It
won't last long."
SEC: we spoke
with both platforms. They
agreed to maintain the hold
for a couple of days.
Now Qin
knows
SEC lawyer: we've
spoken with a lawyer who
represents Qin in another
investigation. We reached out
to him. Judge Schofield: I am
prepared to enter the
temporary restraining order
and freeze the assets of the
entity defendants, and a
document preservation order
Judge Schofield:
I would not put the account
numbers in a public order.
Should I put it in a sealed
appendix?
SEC lawyer:
You do not need to put it in
an order. We may found other
accounts. Numbers are not
necessary at all.
More on
Patreon here.
***
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