June 26, 2020 / 8:34 PM / 11 days ago

Telegram to pay $18.5 mln, return investor money to settle SEC charges

WASHINGTON, June 26 (Reuters) - Telegram Group Inc has agreed to return $1.2 billion to investors and pay an $18.5 million civil penalty to resolve charges over an unregistered digital token coin offering, the U.S. Securities and Exchange Commission (SEC) said on Friday.

The regulator in October halted Telegram’s $1.7 billion digital token offering, saying the firm had raised capital to finance its business by selling 2.9 billion “Grams” to global investors. The SEC said in a statement on Friday it had obtained court approval of the settlements with Telegram and a subsidiary. (Reporting by Chris Prentice; editing by Diane Craft)

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