Settlement for Blockchain Project CEO to Pay huge Fine and Teach Business Ethics.

Following a previous accusation by The Ontario Securities Commission (OSC) that NextBlock, a blockchain firm, and Tapscott the CEO had misled investors by collecting a reported $20 million from 113 investors; a sum of $148,000 in fine has accrued to Blockchain entrepreneur Alex Tapscott (the CEO of NextBlock Global Limited).  NextBlock itself has paid $594,000 over the course of the settlement split as $520,000 as a penalty cost and $74,000 for the investigation.

It was also alleged by the regulators that Tapscott lied to investors by presenting them with a slide deck of supposed advisors who were not actually associated with the corporation. He had initially filed for a public settlement hearing with the OSC on May 9. His settlement agreement with the OSC asides paying the fine also includes that Tapscott will lead ethics seminars at three Canadian business schools; according to a report dated May 13 by The Globe and Mail. The Globe and Mail also revealed that contrary to the common procedure in the settlement agreements such as this, Tapscott is not temporarily banned from leadership in a company.

The acclaimed advisors to the company Kathryn Haun, Vinny Lingham, Vitalik Buterin and Karen Gifford, happen to be well-known figures in the blockchain and cryptocurrency spaces. Forbes reached out to the aforementioned individuals, who subsequently denied their involvement resulting in the scandal exposure in 2017.

Over the course of the following 18 months, Tapscott’s lectures will be held. The lectures will reportedly cover the same topics about which he will write in an open letter to be released within the week.


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Credits- Max Boddy

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