SEC Files Emergency Action Against BKCoin for Running $100M ‘Ponzi-Like’ Scheme

The SEC has accused Kang of misappropriating at least $371,000 in customer funds for his personal use, including paying for vacations, tickets to sporting events and rent on his New York apartment. According to the SEC, Kang tried to cover his tracks by giving investors falsified documents with “inflated bank account balances.” He also allegedly told investors that BKCoin had been audited by a “top four auditor,” which the SEC said never happened.