US judge rejects appeal by defendants in $18M crypto scam involving Green United

Odaily News Utah federal judge Ann Marie McIff Allen has denied Green United promoter Kristoffer Krohn's appeal of her Sept. 23 ruling that allowed the Securities and Exchange Commission (SEC) to proceed with its lawsuit against Green United LLC, saying Krohn had not provided grounds for appeal. In arguments to dismiss the lawsuit, Krohn said the SEC failed to prove that Green Boxes offered by Green United were investment contracts, as the regulator claimed in its complaint. He also claimed the SEC confused elements of the Howey test that defines securities. But Judge Allen said Krohn's arguments were flawed, accusing him of taking terms from two different definitions out of context and "providing no legal support to show that any court has adopted the definition he describes." In 2023, the SEC charged Green United executives with operating a fraudulent cryptocurrency mining scheme that defrauded investors of $18 million by selling Green Boxes and Green Boxes investment products between April 2018 and December 2022. (Cointelegraph)