Salem Radio Network News Wednesday, January 19, 2022

Science

SEC says music streaming firm reaches $38.8 million settlement in fraud action

(Reuters) – The U.S. Securities and Exchange Commission announced on Wednesday a $38.8 million settlement of charges against Akazoo, a purported music streaming business based in Greece, for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination.

The SEC said in a statement that the settlement “fully resolves the litigation by ordering Akazoo to pay $38.8 million in disgorgement.” It said that Akazoo’s assets were previously frozen under an emergency action filed in September 2020.

(Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler)

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