SEC Seeks Emergency Freeze on Virgil Capital Assets
The regulator will receive an order to freeze assets in relation to Virgil Capital LLC and its subsidiaries
SEC sanctions are imposed for several reasons:
- Alleged securities fraud by the Virgil Sigma Fund LP crypto fund.
- False notification of investors about the transfer of 3.5 million dollars to VQR Multistrategy Fund. Although the funds were never transferred.
The head and 23-year-old founder of Virgil Capital, Stephen Qin, is also accused of forgery and stealing $ 1.7 million from investor funds. They were seized by him in order, ostensibly, to pay off debts.
In 2020, he approached VQR's leading trader, Antonio Hallaka, with a request to help him withdraw this amount. Although this action was not legal.
In this regard, the regulator appealed to the US District Court with the aim of obtaining an order to freeze assets for $ 25 million, which are managed by Virgil Sigma Fund LP funds from New York and VQR Multistrategy Fund LP from the Cayman Islands.