The Securities and Exchange Commission (SEC) has alleged two individuals. An attorney and a law firm business manager, who are Nevada residents, are charged by the United States Securities and Exchange Commission for their illegally profiting off of internet stock sales for Hong Kong-based startup UBI Blockchain.

It is reportedly alleged that Attorney T.J. Jesky and his law firm’s business affairs manager, Mark F. DeStefano, unlawfully sold shares in UBI Blockchain Internet LTD., during a ten-day period from December 26, 2017, to January 5, 2018.

The SEC filed the complaint in federal court in New York, against Jesky and DeStefano for violating the registration provisions of the federal securities laws.

The SEC’s petition is that these two individuals received 72,000 prohibited shares of UBI Blockchain stock in October 2017 and were permitted to dispose the shares at a fixed price of $3.70 per share under the registration statement. However, both of the respondents are accused of selling the shares for anything from $21.12 to $48.40.

SEC charges are not defended, instead, both respondents agreed to return $1.4 million and to pay an additional $188,862 in fines; both are subject to permanent injunctions.

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