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Lawsuit Against Hydrogen Technology Corporation and Former CEO: Court Rules for $2.8 Million in Compensation and Civil Fines

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According to reports, in a lawsuit filed by the US SEC recently, a New York District Court judge ruled against Hydrogen Technology Corporation and its former CEO Michael Ross Kane,

Lawsuit Against Hydrogen Technology Corporation and Former CEO: Court Rules for $2.8 Million in Compensation and Civil Fines

According to reports, in a lawsuit filed by the US SEC recently, a New York District Court judge ruled against Hydrogen Technology Corporation and its former CEO Michael Ross Kane, ordering them to pay $2.8 million in compensation and civil fines. In addition, Michael Ross Kane agreed to pay a personal fine of approximately $260000. The remaining amount consists of predetermined interest. Last September, the US SEC accused Hydrogen and market maker Moonwalkers of manipulating the market and issuing unregistered securities, earning over $2 million. （Cointelegraph）

Hydrogen Technology has paid a $2.8 million fine to the US SEC on suspicion of market manipulation

In a recent lawsuit filed by the US SEC, Hydrogen Technology Corporation and its former CEO Michael Ross Kane were found guilty of manipulating the market and issuing unregistered securities, earning over $2 million. As a result, a New York District Court judge ruled against them, ordering them to pay $2.8 million in compensation and civil fines. Here’s everything you need to know about the case.

What is Hydrogen Technology Corporation?

Hydrogen Technology Corporation is a company that develops renewable energy products for commercial and residential applications. It was founded in 2012 and is based in New York.

What was the lawsuit about?

In September 2020, the US SEC accused Hydrogen Technology Corporation and market maker Moonwalkers of manipulating the market and issuing unregistered securities, earning over $2 million. The lawsuit alleged that Hydrogen falsely claimed that it was developing a cutting-edge hydrogen fuel cell technology, when in fact it had no such technology. The company also allegedly made false claims about partnerships with major companies such as General Electric.

What was the ruling?

On May 13, 2021, a New York District Court judge ruled against Hydrogen Technology Corporation and its former CEO Michael Ross Kane, ordering them to pay $2.8 million in compensation and civil fines. Michael Ross Kane agreed to pay a personal fine of approximately $260,000. The remaining amount consists of predetermined interest.

Why was Hydrogen Technology Corporation accused of manipulation?

According to the US SEC, Hydrogen Technology Corporation artificially inflated its share price through various means, such as issuing false press releases and making false statements on social media. The company’s stock price reportedly rose from $0.22 to $3.20 in the span of a few days in July 2018, before crashing back down.

What is the significance of this ruling?

The ruling is significant as it sends a message to companies that engage in market manipulation and securities fraud. It also highlights the importance of transparency and truthfulness in the securities market.

What are the implications for Hydrogen Technology Corporation?

Hydrogen Technology Corporation will have to pay a hefty sum in compensation and fines, which will likely impact its financial stability. The company will also need to rebuild its reputation and regain the trust of investors.

What does the ruling mean for investors?

The ruling is a reminder for investors to be cautious when investing in the securities market. It is important to conduct thorough research on companies and their financials before making any investment decisions.

Conclusion

The ruling against Hydrogen Technology Corporation and its former CEO is a clear example of the consequences of market manipulation and securities fraud. The case also highlights the importance of honesty and transparency in the securities market. Investors should take this case as a cautionary tale and exercise due diligence when investing.

FAQs

1. What is the SEC?
– The SEC is the US Securities and Exchange Commission, a regulatory agency tasked with enforcing federal securities laws and protecting investors.
2. Who is Michael Ross Kane?
– Michael Ross Kane is the former CEO of Hydrogen Technology Corporation.
3. What are unregistered securities?
– Unregistered securities are securities that are not filed with the SEC and are sold without proper disclosure to investors.

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