SEC Charges Touzi Capital CEO Eng Taing in $115 Million Cryptocurrency Fraud Scheme

On November 30th, COINOTAG News reported that the U.S. Securities and Exchange Commission (SEC) has launched a legal action against Touzi Capital and its CEO, Eng Taing, for allegedly orchestrating a fraudulent unregistered securities offering totaling $115 million. The SEC’s complaint details that between 2021 and early 2023, the defendants garnered around $118 million from more than 1,500 investors nationwide by falsely promoting ventures in cryptocurrency mining and debt restructuring. The funds raised included approximately $95 million for the mining initiative and an additional $23 million for debt restructuring efforts.

The complaint further alleges that Taing misrepresented these projects as “stable and predictable” high-yield savings investments, despite their actual characterization as “highly speculative and illiquid.” Additionally, the SEC accused the defendants of misusing investor funds for personal expenses while continuing to attract new investors as their business faced potential collapse. In the 2024 fiscal year, the SEC took aggressive steps, initiating 583 enforcement actions and achieving a historic $8.2 billion in financial remedies.