Business ProfileforDropil Inc
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The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On July 2, 2021, Dropil Inc, Jeremy McAlpine, Zachary Matar, and Patrick O'Hara entered into a partial consent judgment with the Securities and Exchange Commission. The partial consent judgment settles allegations that the business and co-founders made unregistered offers and sales of securities, fraud in the offer or sale of securities, and fraud in connection with the purchase or sale of securities. The business and co-founders conned more than 2,000 investors into purchasing a cryptocurrency that purportedly provided exclusive access to a profitable trading program, and then using most of the $1.9 million raised to line their own pockets. Under terms of the judgment, the business agreed to split the settlements that permanently enjoin them from future violations of these provisions of the federal securities laws and from directly or indirectly participating in the offer, purchase, or sale of digital securities.
In August of 2021, McAlpine and Matar each plead guilty to one count of securities fraud to the United State Attorney's Office, Central District of California. On August 1, 2022, McAlpine was sentenced to 36 months in federal prison, and Matar was sentenced to 30 months in federal prison. The restitution hearing is scheduled for November 14, 2022.
For more information on the Securities and Exchange Commission v Dropil Inc, please click here.
This action is final.
At-a-glance
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Business Details
- Location of This Business
- Fountain Valley, CA 92708
- BBB File Opened:
- 9/29/2022
- Years in Business:
- 4
- Business Started:
- 4/23/2020
- Type of Entity:
- Sole Proprietorship
- Business Management
- Mr. Jeremy McAlpine, Co-Founder
- Contact Information
Principal
- Mr. Jeremy McAlpine, Co-Founder
Customer Contact
- Mr. Jeremy McAlpine, Co-Founder
Customer Complaints
0 Customer Complaints
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