The Utah District Court has imposed sanctions on the SEC for unfair actions in a lawsuit against the Debt Box
Judge Robert Shelby ordered the SEC to repay all legal costs and criticized the regulator for deliberately lying to the court when obtaining a restraining order and freezing Debt Box assets.
As it became known from the court materials, the Securities and Exchange Commission (SEC) tried to withdraw its lawsuit against the Debt Box crypto company, motivating the rejection of claims by the need to assess the quality of previously submitted evidence and evidence.
District Judge Robert Shelby, after considering the counter-statement of the Debt Box crypto company with a request to give a legal assessment of the actions of the regulator's legal services, criticized the SEC for deliberately lying to the court.
"The SEC's conduct represents a gross abuse of the powers granted to it by Congress, which has significantly undermined the integrity and quality of the judicial process. The most important evidence used by the Securities and Exchange Commission did not have any reliable basis and, nevertheless, was intentionally presented to the court," Shelby said in a March 18 court ruling.
In addition to the SEC's guilty plea to abuse of power, the regulator was ordered to pay all of Debt Box's legal fees.
Recall that the SEC initially argued in court that the administration of the Debt Box company had turned over a fraudulent scheme with cryptocurrency worth more than $ 50 million, secretly moved about $ 1 million abroad and intends to escape justice with the rest of the assets in the United Arab Emirates.
Austin Campbell, founder of Zero Knowledge Consulting, said in comments on the court decision that, in his opinion, all personnel involved in the SEC case against Debt Box should be immediately fired, and the Commission should conduct a global purge of its ranks and reform.
