A company touting a mobile phone app for underbanked communities and two of its founders have settled SEC allegations that they used a fraudulent initial coin offering to raise more than $9 million.
Uulala Inc. and founders Oscar Garcia and Matthew Loughran agreed to pay more than $540,000 to resolve claims they failed to register their ICO and lied about the app’s technology, according to a complaint and proposed consent decrees filed Wednesday in the U.S. District Court for the Central District of California.
The parties also must disable digital tokens called UULA that powered the ICO, according to court …
