Debt Box Urges Utah Federal Judge to Reject SEC’s Motion to Dismiss Enforcement Action
Debt Box, a software firm entangled in a legal battle with the United States Securities and Exchange Commission (SEC), has launched a countermove against the regulatory body’s attempt to dismiss the case.
Filed on February 14 , Debt Box’s response characterized the SEC’s motion as a strategic maneuver aimed at sidestepping potential sanctions and the permanent dismissal of the case due to alleged misconduct.
Debt Box vehemently opposed the SEC’s recent move to dismiss its case, despite the agency’s acknowledgment of inaccurate statements made in court last December.
The software firm, entangled in a legal battle with the SEC over an alleged fraud scheme, filed its rebuttal on Wednesday, decrying what it perceives as a double standard in the SEC’s approach to enforcement actions.
“The SEC wants a double standard—it wants to be treated differently before federal courts than those that it regulates or attempts to regulate,” Debt Box stated in its filing, highlighting what it sees as preferential treatment sought by the SEC in comparison to the stringent measures it imposes on others suspected of securities market malfeasance.
The software company’s resistance follows the SEC’s admission late last year that it had made inaccurate statements, prompting Utah U.S. District Court Judge Robert Shelby to criticize the agency’s legal representatives and demand clarification on the purportedly “false or misleading” statements.
The SEC initially alleged that DEBT Box attempted to relocate assets overseas to evade regulatory jurisdiction.
The legal battle between Debt Box and the SEC stems from allegations that the software firm defrauded investors of at least $50 million by selling unregistered securities in the guise of
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