SEC wins default judgment towards Thor Applied sciences and founder

Thor Applied sciences and its founder and former CEO, David Chin, have confronted a authorized setback in an ongoing dispute with america Securities and Trade Fee (SEC) over the unapproved sale of $2.6 million in crypto asset securities.

On Oct. 19, the SEC introduced its victory after a de­fault judgment was issued towards Chin and Thor by the U.S. District Courtroom for the Northern District of California, San Francisco, on Wednesday, Oct.18. A default judgment is a authorized ruling issued by a courtroom when one celebration in a lawsuit fails to reply or defend their case inside the specified authorized time-frame. This usually happens when the defendant doesn’t file a solution to the plaintiff’s grievance or seem in courtroom as required.

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