On August 21, 2025, the Securities and Exchange Commission (SEC) charged New Jersey Kenneth Thom with the deception of investors in relation to a bid scam that said it increased over $ 600,000 from more than fifty investors.
According to SEC’s complaint, Thom, who used the Monikers “K Money” and “K $” online, was portrayed as “lighting” and a “former Wall Street Market Manufacturer” who had enjoyed a “prominent career”.
The complaint argues that, in fact, Thom’s real experience in the mobile values industry was limited and the Financial Industry Regulatory Authority (FINRA) suspended its license in 2011, with this suspension remaining in force.
According to the complaint, Thom asked investors through a Facebook group that ran, inviting them to send him funds he represented would concentrate on one or more joint accounts and negotiated on their behalf.
The complaint claims that, based on Thom’s performances, investors understood that they would share any profits, with Thom receiving 50% of the profit and investors sharing the other 50% on a basis.
According to the complaint, Thom raised more than $ 600,000 from more than fifty investors and misappropriated about $ 235,000 from it, including capital investors in luxury products and holiday rental products.
According to the complaint, in addition to making material misleading statements on the use of investor capital, while attracting such funds, Thom lies about his commercial performance in the so -called joint account.
The complaint of the Securities and Exchange Commission, filed with the southern provincial court of New York, accuses Thom in violating the provisions against the contradiction of Article 17 (a) of the 1933 Mobile Values Act of Article 10 (b) of the Law on Mobile Values of 1934 and Article 10b. The complaint seeks permanent suspension of relief, including behaviors based on behaviors, disconnecting all profits and interests of prejudice and civil penalty.
In a parallel action, the US Public Prosecutor’s Office for the southern district of New York (USAO) announced criminal charges against Thom.