The company developed an app aimed at servicing under-banked communities, and subsequently raised $9 million between 2017 and 2019 through a digital coin offering. Further, Uulala said users could build credit by leveraging functions borne of its proprietary algorithm, but the SEC took issue with it advertising that feature since it was still in development.
Estimated reading time: 0 minutes, 28 seconds
Uulala Settles with SEC After Allegations of Misrepresentation, Unregistered ICO
Uulala Inc., a California-based fintech, and its founders Oscar Garcia and Matthew Loughran, settled with the U.S. Securities and Exchange Commission after being accused of misrepresenting its technology and illegally selling unregistered digital tokens. So reports Reuters.
Most Read
-
-
Apr 27 2019
-
Written by FinTech News Brief Staff
The Securities and Exchange Commission announced the concept of digital…
-
-
-
Jan 09 2019
-
Written by FinTech News Brief Staff
Ripple CEO Brad Garlinghouse said cryptocurrency and blockchain stand to…
-
-
-
Jan 16 2020
-
Written by FinTech News Brief Staff
Representatives from the Reserve Bank of Australia said they are…
-
-
-
Sep 21 2018
-
Written by Jacob Roberts
Online software vendor Kashoo is forming focus group to react…
-