Gary Gensler is at it again. His agency, the Securities and Exchange Commission, asked a federal judge to approve a settlement that requires TerraForm and its criminal founder, Do Kwon, to pay $4.47 billion to resolve civil charges related to the collapse of the scammy UST stablecoin. In a letter to the court, the SEC declares, “The entry of this judgment would ensure the maximal return of funds to harmed investors and put TerraForm out of business for good."
This sounds great, but for one thing: TerraForm is bankrupt and has little or no money, while it's unclear if Kwon has anything close to the $204 million portion of the judgment he owes, or if he will even turn up in these parts again. The most recent reports have him locked up in some Balkan jail, waiting to find out if he will be extradited to the U.S. or his native South Korea, where Kwon fleeced many of his countrymen. Best of luck to the SEC collecting anything.
