SEC is investigating SALT Lending and its connection to Erik Voorhees
November 16, 2018, 9:11AM EST
1 min read
The Wall Street Journal (WSJ) reported on Thursday that the SEC is investigating a cryptocurrency lending startup, SALT Lending. According to "sources familiar with the matter", the firm was subpoenaed in February. The SEC is reportedly looking into whether SALT's ICO was an unregistered securities offering and also into how the firm spent the raised funds.
According to the WSJ, Erik Voorhees, who was charged by the SEC in 2014, was listed as a director on an SEC filing. Mr. Voorhees, who was previously thought to be only SALT's advisor, was also named a director on SALT's website and promotional materials for investors. In November 2017, SALT amended its SEC filing to no longer mention that Mr. Voorhees had a leadership role. According to SALT, Mr. Voorhees was only an early contributor but no longer serves in any formal capacity. (Source: WSJ)