SEC Charges Nova Labs With Unregistered Securities Offering

According to PANews, the U.S. Securities and Exchange Commission (SEC) has accused Nova Labs, Inc. of conducting unregistered securities offerings and misleading investors. The SEC's complaint alleges that since April 2019, Nova Labs has been involved in the unregistered offering and sale of electronic devices called 'Hotspots' and a program named 'Discovery Mapping.' These products are used for mining Nova Labs' crypto assets and allow users to exchange their private data for these assets. The SEC is seeking a permanent injunction against Nova Labs, the disgorgement of ill-gotten gains, pre-judgment interest, and civil penalties.