SEC v. Matthew Moravec Civil Action No. 3:22-cv-09044-TLT (N.D. Cal.)

On December 21, 2022, the SEC filed a complaint against Matthew Moravec (the “Defendant”) and simultaneously filed Defendant’s Consent to the entry of a final judgment. The SEC’s Complaint alleged that, during 2018, the Defendant, the CTO and co-founder of Thor Technologies, Inc. (“Thor”), with Thor’s CEO and co-founder David Chin (“Chin”), conducted an unregistered offer and sale of a crypto asset called a “Thor Token,” raising approximately $2.6 million from approximately 1,600 investors. During the offering, the Thor Tokens had no practical use, as Thor had not developed a software platform as it claimed it would with the funds raised. See Complaint.

On January 30, 2023, the Court entered a final judgment as to the Defendant, finding him liable for disgorgement of $407,103, together with prejudgment interest of $72,209, and a civil penalty of $95,000 for a total of $574,312. See Moravec’s Final Judgment.

On September 24, 2024, the Court issued an order establishing a Fair Fund and appointed Miller Kaplan Arase LLP as the Tax Administrator of the Fair Fund. The Commission holds $574,402.82 paid by the Defendant pursuant to the Final Judgment, comprising the Fair Fund. See Court Order.

For more information, please contact the Commission:

Office of Distributions
Email: ENFOfficeofDistributions@sec.gov