“Our office is available 24 hours, 7 Days a week. Post Coronavirus, we mainly operate remotely and we are available in our office by appointment. We have several representatives available to take care of your needs however we understand the need to sometimes come into our place of business in order for you to meet with one of our Protection Specialists and discuss your concerns. We highly value the person to person relationship and are readily available to meet with you in person”.
888-995-6019 Office No Ext. 813-995-6013 x 101 Direct.
Email: info@centurioninsuranceafs.com

Iowa Enters Settlement With Cryptocurrency Firm Abra *Centurion Insurance AFS*

Feb 26, 2024 (0) comment , , , , , , , ,


The Iowa Insurance Division announced it entered a settlement in principle with a group of affiliated companies commonly known as Abra. The settlement addresses Abra’s alleged offer and sale of interest-bearing cryptocurrency depository products referred to as Abra Boost and Abra Earn.

As part of the settlement, Abra is required to notify all Iowa consumers with open Abra accounts containing crypto assets on or before February 28, 2024, that Abra is winding down U.S. operations and to encourage them to move any remaining crypto assets from Abra’s platform.

Any assets owned by Iowa consumers that remain with Abra after March 6, 2024, will be converted to U.S. dollars and transferred to the Iowa Insurance Division Restitution Fund.

As part of the settlement in principle, Abra and Mr. Barhydt will enter a Consent Order with the Iowa Insurance Division requiring that they cease and desist from offering or selling unregistered securities in Iowa and ordering them to pay an administrative penalty of $461,610.14, which will be suspended if they comply with the process to return all assets owned by Iowa consumers.

The entry of this order is contingent upon Abra successfully fulfilling the requirements outlined above to ensure Iowa consumers have access to their assets or the converted value of their assets. Abra has until March 6, 2024, to complete its obligations.

The parties to the settlement include Plutus Financial Holdings Inc., Plutus Financial Inc., Plutus Lending LLC and Abra Boost LLC. These companies are controlled by William “Bill” Barhydt, who is also a party to the settlement. Together, they offered Abra Earn to all U.S. clients and Abra Boost to accredited U.S. clients. Investors in both programs earned interest by depositing digital assets with Abra and authorizing Abra to lend client assets to institutional borrowers.

Abra is presently winding down U.S. retail operations. Although clients have been able to withdraw their assets from Abra, cryptocurrencies valued at approximately $6,426.90 owned by approximately 39 residents of Iowa currently remain in its custody.

Source: Iowa Insurance Division


The most important insurance news,in your inbox every business day.

Get the insurance industry’s trusted newsletter


Source link

Comment (0)

Leave a Comments