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Important Information
Pending Government Action
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
On 8/8/2019 the US Securities & Exchange Commission (SEC) announced that it had obtained a temporary restraining order and asset freeze against defendants Tanmaya (a/k/a Tan) Kabra and LaunchByte.io, LLC.
According to the SEC's complaint, Kabra, through LaunchByte.io, told investors they could make double-digit returns in a matter of months with no risk by providing Kabra with short-term infusions of cash to be invested in one or more startup companies in which LaunchByte purportedly had an ownership interest. In fact, these "investment" opportunities were fabrications, the SEC alleges; upon receiving investor funds, Kabra diverted them almost immediately to his own use-in one instance, to pay for a boat Kabra had agreed to purchase, and, in other instances, to pay back earlier investors in Ponzi-like distributions. The SEC alleges that Kabra repeatedly lied to investors to keep them from discovering his fraud.
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