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.
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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.
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