Court orders Virgil Sigma Fund founder to pay nearly $40M in disgorgement

The Securities and Exchange Commission (SEC) has secured a final judgment against Stefan Qin, founder of Virgil Sigma Fund.

According to an order, signed by Judge Lorna G. Schofield of the New York Southern District Court on March 1, 2022, the defendant is permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. § 78j(b), and Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5, by using any means or instrumentality of interstate commerce, or of the mails, or of any facility of any national securities exchange, in connection with the purchase or sale of any security, as further set forth herein.

Qin is also liable for disgorgement of $36,352,028 with pre-judgment interest thereon in the amount of $3,494,791, for a total of $39,846,819, representing net profits gained as a result of the conduct alleged in the SEC complaint.

This amount shall be deemed satisfied by: (1) Defendant’s relinquishment of all legal and equitable right, title, and interest in all properties, businesses, funds and assets currently controlled by the Court Appointed Receiver in this action, and all claims he might assert against the receivership estate; and, (2) the judgment, including the order of forfeiture of $54,793,532.14, entered against him in a related criminal case.

The complaint against Qin alleges that he has been engaged in a deceptive course of conduct, using materially false and misleading statements to investors and others, causing serious harm and the threat of further harm to two funds he controls, the Virgil Sigma Fund LP (the “Sigma Fund”) and the VQR Multistrategy Fund LP (the “VQR Fund”).

According to the Complaint, Qin has been his control and ownership of five entities, Virgil Technologies LLC, Montgomery Technologies LLC, Virgil Quantitative Research, LLC, Virgil Capital LLC, and VQR Partners LLC. He has perpetrated a scheme to lure investors into the two Funds, which are marketed as using algorithmic trading strategies involving cryptocurrencies, using false promises and assurances.

Qin, who at 19 founded the Sigma Fund and its managing entity, Virgil Capital, has consistently claimed since 2016 that his proprietary, market-neutral arbitrage trading strategy in cryptocurrencies uses more than 40 digital asset trading platforms around the world, and has achieved positive returns in every month except one.

The SEC’s Complaint also alleges that Qin and Virgil Capital prepared and provided to investors documentation for the Sigma Fund in 2019 that claimed the Fund held millions of dollars worth of digital assets at 39 trading platforms, including three of the largest U.S.-based platforms. In reality, the Sigma Fund held no assets at any of those US-based platforms, and the purported platform account balances were fabricated.

Beginning in mid-2020, investors in the Sigma Fund were thwarted in their attempts to redeem their investments. Through a series of false and misleading devices, Qin convinced at least nine investors, whose interests totaled approximately $3.5 million, to “transfer” their investments from the Sigma Fund into the VQR Fund.

However, the transfers never materialized and Qin has used excuses and falsehoods directed at investors, and the separate personnel who operate the VQR Fund, to evade any explanation for where the investors’ assets are.

In December 2020, Qin sought the aid of his colleagues who manage the VQR Fund in Qin’s attempt to withdraw $1.7 million that he claimed he urgently needed to pay back loans to lenders he feared in China. When VQR Fund employees refused his efforts to withdraw investor assets, Qin made numerous admissions about his conduct, including having told “white lies” to investors to placate them.

At the same time, Qin has not relented from his attempts to withdraw assets from the VQR Fund which belong to investors.

By engaging in the conduct, Qin and the entities he controls have violated, and unless restrained and enjoined will continue to violate, the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The Entity Defendants also aided and abetted Qin’s violations of the same provisions.

Posted on

3,155 Replies to “Court orders Virgil Sigma Fund founder to pay nearly $40M in disgorgement”

  11. Get warning information here. Comprehensive side effect and adverse reaction information.
    stromectol 3mg cost
    Everything what you want to know about pills. Medscape Drugs & Diseases.

  12. drug information and news for professionals and consumers. Prescription Drug Information, Interactions & Side.
    https://stromectolst.com/# ivermectin 200mg
    Prescription Drug Information, Interactions & Side. earch our drug database.

  18. Prescription Drug Information, Interactions & Side. Learn about the side effects, dosages, and interactions.
    generic stromectol
    Everything information about medication. Generic Name.

  19. earch our drug database. Learn about the side effects, dosages, and interactions.
    ivermectin 12 mg
    safe and effective drugs are available. earch our drug database.

  20. Some trends of drugs. Get here.
    ivermectin 12 mg
    What side effects can this medication cause? Prescription Drug Information, Interactions & Side.

  23. Everything information about medication. What side effects can this medication cause?
    ivermectin lotion price
    Prescription Drug Information, Interactions & Side. earch our drug database.

  25. Comprehensive side effect and adverse reaction information. Some trends of drugs.
    https://stromectolst.com/# ivermectin cost uk
    Best and news about drug. drug information and news for professionals and consumers.

  27. What side effects can this medication cause? Definitive journal of drugs and therapeutics.
    https://stromectolst.com/# ivermectin generic cream
    Long-Term Effects. safe and effective drugs are available.

  30. Best and news about drug. Some are medicines that help people when doctors prescribe.
    https://levaquin.science/# can you get generic levaquin prices
    Read information now. Medicament prescribing information.

  31. Commonly Used Drugs Charts. Read information now.
    https://nexium.top/# can i get generic nexium without prescription
    Prescription Drug Information, Interactions & Side. Top 100 Searched Drugs.

  32. What side effects can this medication cause? Medscape Drugs & Diseases.
    https://mobic.store/# can i buy cheap mobic price
    earch our drug database. Comprehensive side effect and adverse reaction information.

  34. Medicament prescribing information. Learn about the side effects, dosages, and interactions. https://avodart.science/# can i get cheap avodart pill
    Some trends of drugs. Long-Term Effects.

  40. Get information now. Medscape Drugs & Diseases.
    https://finasteridest.com/ get generic propecia without a prescription
    safe and effective drugs are available. What side effects can this medication cause?

  41. Read information now. Everything about medicine.
    https://azithromycins.com/ buy zithromax 500mg online
    Everything what you want to know about pills. drug information and news for professionals and consumers.

  46. Definitive journal of drugs and therapeutics. Everything what you want to know about pills.
    https://clomiphenes.com can i buy cheap clomid online
    Drugs information sheet. Learn about the side effects, dosages, and interactions.

  50. earch our drug database. Prescription Drug Information, Interactions & Side.
    how to get clomid without rx
    Prescription Drug Information, Interactions & Side. Prescription Drug Information, Interactions & Side.

  60. Drugs information sheet. Everything about medicine.
    buy ed pills
    Learn about the side effects, dosages, and interactions. Cautions.

  62. Comprehensive side effect and adverse reaction information. Prescription Drug Information, Interactions & Side.
    https://edonlinefast.com best treatment for ed
    Generic Name. Medscape Drugs & Diseases.

  67. Prescription Drug Information, Interactions & Side. Definitive journal of drugs and therapeutics.
    https://canadianfast.online/# best canadian pharmacy online
    All trends of medicament. Learn about the side effects, dosages, and interactions.

  68. Some are medicines that help people when doctors prescribe. Some trends of drugs.
    canadian online pharmacy
    Commonly Used Drugs Charts. Comprehensive side effect and adverse reaction information.

  83. earch our drug database. Everything information about medication.
    https://viagrapillsild.com/# canadian pharmacy cheap sildenafil
    Everything information about medication. Everything information about medication.

  91. What side effects can this medication cause? Comprehensive side effect and adverse reaction information.
    tadalafil generic otc
    Get information now. Some trends of drugs.

  94. What side effects can this medication cause? Best and news about drug.
    https://tadalafil1st.online/# tadalafil 2.5 mg tablets india
    Learn about the side effects, dosages, and interactions. Some are medicines that help people when doctors prescribe.

  102. Reading your article has greatly helped me, and I agree with you. But I still have some questions. Can you help me? I will pay attention to your answer. thank you.

  176. http://overthecounter.pro/# pills like viagra over the counter cvs
    uti over the counter medication [url=http://overthecounter.pro/#]over the counter ed medication[/url] over the counter yeast infection treatment

  185. canada online pharmacy reviews [url=https://pillswithoutprescription.pro/#]canadian online pharmacy no prescription[/url] canadian online pharmacies prescription drugs

  187. best canadian online pharmacy [url=http://pillswithoutprescription.pro/#]non perscription on line pharmacies[/url] buy drugs online

  260. I may need your help. I tried many ways but couldn’t solve it, but after reading your article, I think you have a way to help me. I’m looking forward for your reply. Thanks.

  661. Some are medicines that help people when doctors prescribe.
    vipps approved canadian online pharmacy canadian drug pharmacy
    Learn about the side effects, dosages, and interactions.

  838. candian pharmacy: us pharmacy in india – canada mail order prescription
    legal canadian pharmacy online – internationalpharmacy.icu Appreciate their commitment to maintaining global healthcare standards.

  1586. How to track the location of the other person’s phone without their knowledge? You will be able to track and monitor text messages, phone calls, location history and much more. Free Remote Tracking and Recording of Husband’s Phone Cell Phone Spy. Best Apps to Download for Free to Spy on Another Phone. https://www.xtmove.com/

  2838. Pingback: grandpashabet
  2867. Pingback: child porn
  2888. Pingback: child porn
  2906. Pingback: child porn

  3100. Hello.

    This post was created with XRumer 23 StrongAI.

    Good luck 🙂

  3103. Hello!

    This post was created with XRumer 23 StrongAI.

    Good luck 🙂

  3141. Pingback: child porn

  3155. In our platform, we bring you the most recent updates and entertaining news about the most popular UK celebrities from the worlds of the press, reality TV, and entertainment. Whether you’re a fan of hit reality shows like Love Island, The Only Way Is Essex, or Made in Chelsea, or you’re enthusiastic to keep up with the lives of the UK’s top social media influencers, our website covers it all. From intriguing behind-the-scenes drama to exclusive chats, we ensure you’re in the know with everything happening in the world of your most-followed public figures – http://g70787z8.beget.tech/index.php?subaction=userinfo&user=Olukucu .

    UK reality TV contestants have gained huge notoriety over the years, turning from everyday characters into household names with massive fanbases. Our blog investigates their personal and professional lives, offering insights into their latest businesses, connections, and dramas. Whether it’s a new love story brewing on Love Island or a cast member from Geordie Shore launching a new business, you’ll find in-depth stories that highlight the glamorous yet sometimes chaotic lives of these celebrities.

Leave a Reply

Your email address will not be published. Required fields are marked *