Controversies

SEC fraud settlement concerning historical disclosures

The SEC announced settled charges against Ideanomics, Bruno Wu, Alfred Poor, and Federico Tovar. The regulator alleged that investors were misled about 2017–2019 financial performance, including revenue guidance, an asset writedown issue, undisclosed interests in recipient entities, and accounting for a cryptocurrency transaction. Ideanomics agreed to a $1.4 million penalty; the named executives also paid penalties or disgorgement, and Wu accepted a ten-year officer-and-director bar.