July 21, 2024

SEC Appeals to UK Supreme Court to Get Testimony from Telegram Advisor

SEC Appeals to UK Supreme Court to Get Testimony from Telegram Advisor

The US Securities and Exchange Commission (SEC) demands that the former general counsel of Telegram, responsible forproject financing, testified in relation to the closed sale of tokens in the amount of $ 1.7 billion.

The SEC appealed to the UK Supreme Courtrequesting testimony from a resident of the Kingdom, Hayman. According to SEC representatives, Hyman will not meet with the regulator voluntarily, and therefore they are forced to turn to a foreign judicial system. Hyman agreed to voluntarily appear to testify, SEC attorney Jorge Tenreiro later said.

Note, with these efforts, the agency seeksstop the launch of TON, the ambitious blockchain project Telegram, and the release of Gram tokens. SEC treats Gram as unregistered securities. At the same time, Telegram has repeatedly denied this allegation.

According to a filing Friday with the SEC,Хайман принимал непосредственное участие в сборе средств для TON и лично общался с большинством инвесторов. В январе 2018 года Хайман был назначен главным инвестиционным консультантом в Telegram, то есть человеком, который «отвечал за распространение Gram».

Hyman "talked with Gram customers, confirmed transaction details and kept in touch with investors."

For example, in one of Hyman's emailssaid that Telegram “for regulatory reasons has decided not to pursue any form of direct public offering,... the public will be able to buy Gram once the network is live … not from Telegram directly.”

In his address to Blake Byers from GoogleVentures in May 2018 Hyman said a third closed round would be held, in addition to two closed in February and March. However, the plans were obviously delayed.

The adviser also watched the gray Gram secondary market, which appeared immediately after the first round of sales in February 2018.

Although TON investors were strictly forbidden to resell Gram, the aftermarket actually flourished, with multiple offers from small exchanges, brokers, and individual over-the-counter dealers.

So, the Telegram adviser also regularly requested updates on the Gram secondary market.

The SEC asked the US court to sendletter of request to a senior judge of the Supreme Court of Great Britain requesting the deposition of Hyman. The procedure is possible thanks to the Hague Convention, which allows courts to seek evidence and testimony outside their jurisdiction.