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SEC Charges Two With Illegal Sales of Blockchain Internet Stock

July 5, 2018

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The Securities and Exchange Commission charged two men alleged to have profited from illegal sales of stock of a company claiming to have a blockchain-related business.

According to the SEC’s complaint, attorney T.J. Jesky and his law firm’s business affairs manager, Mark F. DeStefano, made approximately $1.4 million by selling shares in UBI Blockchain Internet over a 10-day period from Dec. 26, 2017 to Jan. 5, 2018. The sales stopped when the SEC temporarily suspended trading in UBI Blockchain stock earlier this year due to concerns about the accuracy of assertions in its SEC filings and unusual and unexplained market activity.

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