PANews reported on October 28 that according to Cointelegraph, Green United promoter Kristoffer Krohn was accused of participating in an $18 million cryptocurrency mining fraud scheme. He is working to appeal his case, arguing that the U.S. Securities and Exchange Commission (SEC) should be forced to withdraw the lawsuit because its accusation that he was involved in selling securities was false.
On October 24, Kristoffer Krohn told a federal court in Utah that the 10th Circuit Court of Appeals should decide whether the purchasers of the company's equipment meant they joined a "common enterprise," which the SEC had used to accuse the company of selling investment contracts under securities laws. "The SEC did not and could not allege that the Green Box purchasers had any right or interest in the profits of Green United's business operations," Krohn said in his appeal. If the appeal is successful, Krohn will be allowed to argue his case before a three-judge appellate panel, a process that could take months to make a final decision.
Earlier in September, Green United failed to dismiss the $18 million crypto mining fraud lawsuit filed against it by the US SEC .
