The SEC has secured judgment against Nasgo Ponzi defendant James Hardy.
The SEC filed for judgment against Hardy on February 28th.
The court granted the motion and ordered judgment on March 7th.
As per Hardy’s Nasgo judgment, he’ll be required to “pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil penalty”.
The exact amount Hardy (right) will have to pay back will be determined at a later date.
Nasgo was an MLM crypto Ponzi launched in late 2017. In their April 2022 Complaint, the SEC alleges Hardy stole “at least $1.3 million” through the scam.
Prejudgment interest on whatever the amount comes to will be backdated to December 1st, 2017.
Hardy’s judgment follows Nasgo co-founder Eric Tippetts settling the SEC’s case back in August. The SEC also secured judgment against accomplice Maurice Chelliah last December.
Steven Chiang, aka Cyrus Kong, is the sole remaining individual defendant in the SEC’s case.
As the primary beneficiary of Nasgo’s Ponzi scheme, exactly how much Chiang stole hasn’t been disclosed.
Settlement discussions between Chiang’s attorneys and the SEC are ongoing.
Looking forward, a Case Management Conference has been scheduled for April 24th.