US SEC requires bitcoin trader Taj Mahabub to return illegal securities issuance

According to the relevant legal documents of the US SEC v. Mahabub and GenAudio Inc., the District Court Judge approved the SEC's motion, in part for the special remedies of the defendants Mahabub and GenAudio. The SEC’s enforcement action involves an order to return illegal proceeds, requiring the recovery of illegal proceeds from Mahabub’s issuance of illegal securities. The issuer claims that top management is interested in its 3D surround sound speakers, but the SEC says this is not true. The SEC provided evidence that the defendant had made a huge profit in the bitcoin transaction; new business had begun, including the creation of software for automatic cryptocurrency transactions, and a work contract with the field; and he deliberately concealed assets from the SEC.