Virgil Capital LLC funds frozen by SEC and charged with fraud
Virgil Capital LLC came on CNBC back in 2018 claiming they can make money of wild bitcoin price swings. Well, today SEC has announced that they have taken emergency action against them and frozen their entire assets, including all of their cryptocurrency assets.
Virgil Capital LLC has been charged with fraud for misrepresenting their assets, strategy and financial condition. They misled their investors to believe that their money was only being used for cryptocurrency trading using their special algorithm. Little did their investors knew that Virgil Capital LLC was using their funds for personal purposes and other high risk investments.
In July 2020, Virgil Capital LLC told its investors that they would be transferring interests to another fund manager which is also being controlled same CEO, Qin.
SEC has intervened and taken emergency take down of Virgil Capital LLC and charged Qin and his affiliates with fraud. The CEO made myriad false promises to attract investors and continued to mislead them and used their funds for personal purposes.
.@stefqin of Virgil Capital is the 21-year-old hedge fund manager who’s got a way to make money on #bitcoin whether it goes up, down, or nowhere at all pic.twitter.com/loQrB7f0zH
— CNBC’s Fast Money (@CNBCFastMoney) February 27, 2018
All assets of Virgil Capital LLC have been frozen by SEC.