US SEC settles charges against Rari Capital over misleading investors

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission is seen at its headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Wednesday it settled charges against decentralized finance platform Rari Capital and its founders over misleading investors and acting as unregistered brokers.

The co-founders were named as Jai Bhavnani, Jack Lipstone, and David Lucid. Their platforms at their peak held crypto assets worth more than $1 billion, the SEC said in a statement.

(Reporting by Kanishka Singh in Washington; editing by Diane Craft)