SEC v. Cumberland DRW LLC, No. LR-26151, Northern District of Illinois (Oct. 10, 2024) — Press Release
raw: Cumberland DRW LLC
Cumberland DRW LLC, No. 1:24-cv-09842 (Oct. 10, 2024)
The SEC has charged Chicago-based Cumberland DRW LLC with operating as an unregistered dealer in crypto assets offered and sold as securities since at least March 2018
The SEC has charged Chicago-based Cumberland DRW LLC with operating as an unregistered dealer in crypto assets offered and sold as securities since at least March 2018. The complaint alleges that the firm engaged in the buying and selling of over $2 billion in crypto assets for its own accounts, violating Section 15(a) of the Securities Exchange Act of 1934. The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains, prejudgment interest, and civil penalties.
The SEC has charged Chicago-based Cumberland DRW LLC with operating as an unregistered dealer in crypto assets offered and sold as securities since at least March 2018. The complaint alleges that the firm engaged in the buying and selling of over $2 billion in crypto assets for its own accounts, violating Section 15(a) of the Securities Exchange Act of 1934. The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains, prejudgment interest, and civil penalties. The U.S. Securities and Exchange Commission (SEC) has charged Cumberland DRW LLC with operating as an unregistered dealer in the crypto asset markets, involving over $2 billion in crypto assets offered and sold as securities, in violation of federal securities laws. The complaint alleges that Cumberland, which markets itself as a leading liquidity provider, engaged in trading these assets for its own account since at least March 2018, without proper registration. The SEC filed the lawsuit in the U.S. District Court for the Northern District of Illinois, charging Cumberland under Section 15(a) of the Securities Exchange Act of 1934, and seeks injunctive relief, disgorgement, prejudgment interest, and civil penalties. No resolution or settlement was disclosed in the filing.
Exhibits & Attached Documents (1)
Extracted insights
- $2.00B $2 billion ≥$1B
- person andrew mcfall
- company cumberland drw llc
- person permanent injunctive relief
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- Securities And Exchange Commission charged Cumberland DRW LLC
- Cumberland DRW LLC operated as unregistered dealer
- Securities And Exchange Commission filed complaint
- Cumberland DRW LLC bought and sold crypto assets
- Securities And Exchange Commission seeks permanent injunctive relief
- Andrew McFall conducted investigation
- Securities And Exchange Commission charged Cumberland DRW LLC with violating Section 15(a)
- Cumberland DRW LLC traded over $2 billion of crypto assets
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26151 / October 10, 2024 Securities and Exchange Commission v. Cumberland DRW LLC, No. 1:24-cv-09842 (N.D. Ill. filed Oct. 10, 2024) SEC Charges Cumberland DRW for Operating as an Unregistered Dealer in the Crypto Asset Markets The Securities and Exchange Commission today charged Chicago-based Cumberland DRW LLC with operating as an unregistered dealer in over $2 billion of crypto assets offered and sold as securities, in violation of the registration requirements of the federal securities laws that are designed to protect investors. According to the SEC’s complaint, since at least March 2018 through the present, Cumberland has acted as an unregistered dealer by buying and selling crypto assets offered and sold as securities for its own accounts as part of its regular business. As alleged in the complaint, Cumberland publicly calls itself “one of the world’s leading liquidity providers” in crypto assets and operates 24 hours a day, seven days a week by trading with counterparties by the telephone or through its online trading platform, Marea. The SEC’s complaint further alleges that Cumberland engages in trading crypto assets that are offered and sold as investment contracts on third-party crypto asset exchanges as part of its regular business. The SEC’s complaint, filed in U.S. District Court for the Northern District of Illinois, charges Cumberland with violating Section 15(a) of the Securities Exchange Act of 1934. The complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains, prejudgment interest, and civil penalties. The SEC’s investigation was conducted by Andrew McFall of the SEC’s Market Abuse Unit and Kathleen Hitchins of the CACU and supervised by Amy Flaherty Hartman, Paul Kim, and Mr. Tenreiro of the CACU. The SEC’s litigation will be led by Christopher Martin and Timothy Stockwell and supervised by Jack Kaufman and Mr. Tenreiro.
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26151 / October 10, 2024 Securities and Exchange Commission v. Cumberland DRW LLC, No. 1:24-cv-09842 (N.D. Ill. filed Oct. 10, 2024) SEC Charges Cumberland DRW for Operating as an Unregistered Dealer in the Crypto Asset Markets The Securities and Exchange Commission today charged Chicago-based Cumberland DRW LLC with operating as an unregistered dealer in over $2 billion of crypto assets offered and sold as securities, in violation of the registration requirements of the federal securities laws that are designed to protect investors. According to the SEC’s complaint, since at least March 2018 through the present, Cumberland has acted as an unregistered dealer by buying and selling crypto assets offered and sold as securities for its own accounts as part of its regular business. As alleged in the complaint, Cumberland publicly calls itself “one of the world’s leading liquidity providers” in crypto assets and operates 24 hours a day, seven days a week by trading with counterparties by the telephone or through its online trading platform, Marea. The SEC’s complaint further alleges that Cumberland engages in trading crypto assets that are offered and sold as investment contracts on third-party crypto asset exchanges as part of its regular business. The SEC’s complaint, filed in U.S. District Court for the Northern District of Illinois, charges Cumberland with violating Section 15(a) of the Securities Exchange Act of 1934. The complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains, prejudgment interest, and civil penalties. The SEC’s investigation was conducted by Andrew McFall of the SEC’s Market Abuse Unit and Kathleen Hitchins of the CACU and supervised by Amy Flaherty Hartman, Paul Kim, and Mr. Tenreiro of the CACU. The SEC’s litigation will be led by Christopher Martin and Timothy Stockwell and supervised by Jack Kaufman and Mr. Tenreiro.