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SEC Indicts Helium’s Nova Labs for Fraud and False Claims
SEC Indicts Helium’s Nova Labs for Fraud and False Claims
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The United States Securities and Exchange Commission (SEC) has charged Nova Labs, the company behind the Helium Network, with defrauding investors. The SEC alleges that Nova Labs made unregistered offers and sales of securities, violating several statutes including Sections 5(a), 5(c), and 17(a)(2) of the Securities Act of 1933 and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The SEC is seeking permanent and conduct-based injunctions, disgorgement of ill-gotten gains, pre-judgment interest, and civil penalties. The trial is set to begin after SEC Chair Gary Gensler steps down on January 20.
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