The US Securities and Exchange Commission (SEC) announced Friday that it has indicted Edgar M. Ragble of Boca Raton, Florida, and two other people who were assisting him in three fraudulent operations.

According for press releaseRajbli owns an unregistered investment advisory firm called “Apis Capital Management LLC” which allegedly made a fraudulent offer of a digital currency called “Apis Tokens”.

The US Securities and Exchange Commission said these digital currencies represent a token interest for the flagship investment fund of Apis Capital.

Rajbly – a former practicing dentist – published a press release, falsely claiming that such an offer of Apis coins had raised $1.7 million.

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Additionally, the complaint alleges that the former dentist also manipulated the stock market for Veritone Inc, an existing and publicly traded artificial intelligence company, in 2018 announcing a fraudulent cash-bid offer to buy the company for $200 million.

Once again, the statement was false, as Rajbali and his consulting firm had no money to make this purchase possible.

The Securities and Exchange Commission added the following clarification:

Rajblee made illicit profits of $162,800 on the resulting increase in Veritone’s share price by trading Veritone securities on behalf of “Apis Capital” and an affiliate fund.

The aforementioned fraudulent offer of cryptocurrencies and a false statement about the purchase of Veritone are not the only frauds carried out by Rajpali.

Rather, it extended to a third scam, in which Rajblee collected $20 million from more than 450 investors through My Loan Doctor LLC.

Settlement:

Rajblee stated that the investor funds he collected through Loan Doctor would be used to create loans for healthcare professionals which would then be securitized and sold to large investors.

Instead, according to the SEC, Rajblee invested the bulk of investor funds in unsecured, unsecured loans to cryptocurrency lenders and lent nearly $1.8 million of investor proceeds to his company, Apis Capital.

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The defendants in the case agreed to settle the charges against Rajabli and Apis Capital.

If the court approves the settlement, Rajpley will be required to pay a total of $600,000 in cash relief consisting of $162,800 in the event of cancellation, $17,870 in pre-judgment interest, and $419,330 in civil penalties.

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