SEC concludes that because Siafunds were securities, in violation of security act

Upon completion of its investigation, and as reflected in the settled order, the SEC concluded that because Siafunds were securities, the failure to register the 2014 offering and 2015 conversion constituted violations of Section 5 of the Securities Act of 1933. Without admitting to or denying the SEC’s allegations, Nebulous agreed to a settlement and will pay disgorgement of $120,000, prejudgment interest of $24,601.85, and a civil money penalty of $80,000, for a total of approximately $225,000.

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