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Three Cryptocurrency-Related Companies - SEC Suspends Trading

Three Cryptocurrency-Related Companies – SEC Suspends Trading

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SEC Issues Trading Suspension Orders Against Cherubim Interests Inc., PDX Partners Inc., and Victura Construction Group Inc. 

On February 16, 2018, the Securities and Exchange Commission announced that it suspended trading in Cherubim Interests Inc. (CHIT), PDX Partners Inc. (PDXP), and Victura Construction Group Inc. (VICT) over questions surrounding similar statements they made about the acquisition of cryptocurrency and blockchain technology-related assets.

The SEC’s trading suspension orders state that recent press releases issued by CHIT, PDXP, and VICT claimed that the three companies acquired AAA-rated assets from a subsidiary of a private equity investor in cryptocurrency and blockchain technology among other things.  According to the SEC order regarding CHIT, it also announced the execution of a financing commitment to launch an initial coin offering.

The SEC’s trading suspension orders (Trading Suspension Order – CHIT; Trading Suspension Order – PDXP; Trading Suspension Order – VICT) state that there are questions regarding the nature of the business operations of CHIT, PDXP, and VICT and the value of their assets, including in press releases issued beginning in early January 2018.  The SEC also suspended trading in the securities of CHIT because of its delinquency in filing annual and quarterly reports.

CHIT is a Nevada corporation with its principal place of business listed as Bedford, Texas with a class of securities registered with the SEC pursuant to Section 12(g) of the Securities Exchange Act of 1934. The stock of CHIT is quoted on OTC Link (previously “Pink Sheets”) operated by OTC Markets Group, Inc. under the ticker symbol CHIT.

PDXP is a Wyoming corporation with its principal place of business listed as Portland, Oregon, with stock quoted on OTC Link (previously “Pink Sheets”) operated by OTC Markets Group, Inc. under the ticker symbol PDXP.

VICT is a Wyoming corporation with its principal place of business listed as Bedford, Texas, with stock quoted on OTC Link (previously “Pink Sheets”) operated by OTC Markets Group, Inc. under the ticker symbol VICT.

Under the federal securities laws, the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.

Source: SEC.gov

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