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Former Boxabl Employee Charged With Defrauding Investors in $1.6 Million Scheme

The U.S. Securities and Exchange Commission announced that it has filed charges against Yanni Tassev, a former vice president of investor relations at Boxabl Inc., a Las Vegas-based home manufacturing entity.

The SEC’s complaint alleges that Tassev, age 41, illicitly raised approximately $1.6 million from seven investor households by falsely claiming to offer and sell Boxabl securities, which he neither owned nor had the authority to convey.

According to the SEC’s complaint, between approximately April 2022 and January 2023, Tassev exploited his position at Boxabl in order to deceive potential investors into believing that he owned shares of Boxabl securities which he was willing to sell at a discount. Tassev further instructed potential investors to send their investment funds to a bank account held in the name of Sigmas Power, a Nevada limited liability company solely controlled by Tassev. At least seven investor households sent funds to the Sigmas Power bank account, and the SEC reports that Tassev indirectly obtained $1,595,000 through this ostensible sale of Boxabl securities.

The SEC’s complaint reports that Tassev’s actions violated multiple antifraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Exchange Act Rule 10b-5. The complaint also seeks permanent injunctive relief, disgorgement plus prejudgment interest, and civil penalties.

The complaint alleges that, although Tassev was recently a resident of the Las Vegas area, he is presently believed to be residing in Bulgaria.

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