The U.S. Securities and Exchange Commission sued Uulala Inc., its CEO Oscar Garcia, and its CMO Matthew Loughran Wednesday in California Central District Court over alleged violations of federal securities laws. The suit accuses the defendants of offering and selling fraudulent and unregistered digital asset securities known as UULA tokens, defrauding more than $9 million from over a thousand investors. Attorneys have not yet appeared for the defendants. The case is 5:21-cv-01307, Securities and Exchange Commission v. Uulala Inc. et al.

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