判例译析 | 美国证券交易委员会诉Thor技术公司和David Chin案

译者 | 黎   琦 西南政法大学法律硕士

一审 | 李正茂 香港大学普通法学硕士

二审 | 汪晨涵 复旦大学法律硕士

编辑 | 吴   萌 上海外国语大学法律硕士

责编 | 扎恩哈尔·阿黑哈提 新疆农业大学

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The SEC’s complaint, filed on December 21, 2022, against Thor and Chin, alleges that between March and May 2018, the defendants offered and sold crypto assets designated as “Thor Tokens” to the general public for the purpose of funding Thor’s business, which was to develop a software platform for “gig” economy workers and companies. As alleged, Thor and Chin marketed the Thor Tokens as an investment opportunity by promoting the potential increase in value of the tokens and claiming that the tokens would be made available on crypto asset trading platforms. According to the complaint, at the time of the offering, no development work had yet occurred on the Thor platform, and there was no other place to use Thor Tokens. The complaint further alleges that the offers and sales of Thor Tokens, which raised approximately $2.6 million in cash and crypto assets from investors, were not registered with the SEC and did not qualify for any exemption from registration.

2022年12月21日，SEC对Thor和Chin提起诉讼，指控被告于2018年3月和5月期间通过向公众发行并出售被命名为“Thor代币”的加密资产进行融资，为“零工”经济工人和公司开发软件平台。起诉书称，Thor和Chin通过提升Thor代币的潜在价值，将其作为投资机会进行营销，并声称Thor代币可在加密资产交易平台上购买和使用。起诉书还称，在加密资产发行期间，Thor平台上还没有进行任何开发性工作，也没有使用Thor代币的其他渠道。起诉书进一步称，被告通过发行和出售Thor代币，从投资者处筹集了约260万美元的现金和加密资产，但上述行为未向SEC注册且不具备任何豁免注册的条件。

The SEC’s investigation was conducted by Ruth L. Hawley and Erin E. Wilk and supervised by Jeremy E. Pendrey and Monique C. Winkler of the SEC’s San Francisco Regional Office. The SEC’s litigation was conducted by Marc Katz, Ms. Hawley, and Ms. Wilk.

SEC旧金山地区办公室的Ruth L.Hawley和Erin E.Wilk负责实施调查，Jeremy E.Pendrey和Monique C.Winkler提供指导。Marc Katz、Ms.Hawley和Ms.Wilk则代表SEC提起诉讼。

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This matter came before the Court on the motion of Plaintiff Securities and Exchange Commission (the “SEC” or “Commission”) for judgment by default as to the Defendants Thor Technologies, Inc. (“Thor”) and David Chin (“Chin”) (together, “Defendants”). The Court received and considered the SEC’s Complaint, Motion for Default Judgment, and all other evidence and argument presented to the Court.Good cause appearing, the Court grants the Commission’s Motion for Default Judgment,and further ORDERS as follows:

原告美国证券交易委员会（“SEC”或“委员会”）就本事项向法庭提出针对被告Thor技术公司（“Thor”）和David Chin (“Chin”)（合称“被告”）的缺席审判动议。法庭接收并考虑了SEC的起诉书、缺席判决动议及呈递的其他所有证据和理由。法庭认为理据充足，现批准委员会的缺席审判动议并进一步命令：

在无任何可适用豁免理由的情况下，特此命令、判决及裁定，永久限制并禁止被告直接或间接违反《1933年证券法》（“证券法”）第5条第(a)款和(c)款的规定，即：

(a) Unless a registration statement is in effect as to a security, making use of any means or instruments of transportation or communication in interstate commerce or of the mails to sell such security through the use or medium of any prospectus or otherwise; or

(c)Making use of any means or instruments of transportation or communication in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium of any prospectus or otherwise any security, unless a registration statement has been filed with the Commission as to such security, or while the registration statement is the subject of a refusal order or stop order or (prior to the effective date of the registration statement) any public proceeding or examination under Section 8of the Securities Act [15 U.S.C. § 77h].

(c)在州际贸易中利用任何运输或通讯手段或工具，或利用邮寄，通过寄送任何招股说明书或其他文件出售或购买任何证券。但申请证券上市的注册报告已提交至委员会，或根据《证券法》第8条规定，该注册报告被拒绝或停止，或在生效前属于任何行政程序或检查对象的除外。²

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendants’ officers,agents, servants, employees, and attorneys; and (b) other persons in active concert or participation with Defendants or with anyone described in (a). 

兹进一步命令、判决及裁定，根据《联邦民事程序规则》第65条第(d)款第(2)项的规定，以下通过专人送达或其他方式实际接收本终审判决通知的人亦应遵守上述规定：(a)被告的高级职员、代理人、服务人员、员工和律师；及(b)其他与被告或(a)中所述的任何人行动一致或共同参与的人。

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IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that pursuant to Section21(d)(5) of the Securities Exchange Act of 1934 [15 U.S.C. § 78u(d)(5)], Defendants Thor and Chin are permanently restrained and enjoined from participating, directly or indirectly, in any crypto asset securities offering; provided, however, that such injunction shall not prevent Defendant Chin from purchasing or selling securities, including crypto asset securities, for his own personal account.

兹进一步命令、判决及裁定，根据《1934年证券交易法》第21条第(d)款第(5)项规定，永久限制和禁止被告Thor和Chin直接或间接参与任何加密资产证券的发行，但被告Chin可通过其个人账户购买或出售证券，包括加密资产证券。

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendants’ officers,agents, servants, employees, and attorneys; and (b) other persons in active concert or participation with Defendants or with anyone described in (a).

兹进一步命令、判决及裁定，根据《联邦民事程序规则》第65条第(d)款第(2)项的规定，以下通过专人送达或其他方式实际接收本终审判决通知的人亦应遵守上述规定：(a)被告的高级职员、代理人、服务人员、员工和律师；及(b)其他与被告或(a)中所述的任何人行动一致或共同参与的人。

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that: (1)Defendant Chin is liable for a civil monetary penalty in the amount of $150,000 pursuant to Section 20(d) of the Securities Act [15 U.S.C. § 77t(d)]; and (2) Defendant Thor is liable for disgorgement of $744,555, representing net profits gained as a result of the conduct alleged in the Complaint, together with prejudgment interest thereon in the amount of $158,638.06, and a civil penalty in the amount of $150,000 pursuant to Section 20(d) of the Securities Act [15 U.S.C. §77t(d)]. Defendant Chin and Defendant Thor shall satisfy these obligation by paying $150,000 and$1,053,193.06, respectively, to the Securities and Exchange Commission within 30 days after entry of this Final Judgment.

（法庭）特此进一步命令、判决及裁定：(1)根据《证券法》第20条第(d)款的规定，被告Chin应承担150,000美元的民事罚款；以及(2)被告Thor应承担追缴款744,555美元，金额相当于起诉书所指控违法行为获得的净利润，及与之相关的迟延利息158,638.06美元和《证券法》第20条第(d)款下规定的150,000美元民事罚款。被告Chin和Thor应在本终审判决登记之日起30日内向委员会分别支付150,000美元和1,053,193.06美元。

Defendants may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request. Payment may also be made directly from a bank account via Pay.gov through the SEC website at http://www.sec.gov/about/offices/ofm.htm. Defendants may also pay by certified check, bank cashier’s check, or United States postal money order payable to the Securities and Exchange Commission, which shall be delivered or mailed to:

被告可向委员会进行电子转账。按照被告要求，委员会将提供详细的自动清算中心(ACH)转账指令或联邦储蓄通信系统(Fedwire)指令。此等支付亦可直接通过SEC网站的Pay.gov进行银行转账，网址为http://www.sec.gov/about/offices/ofm.htm。被告还可使用保兑支票、银行本票或到期的美国邮政汇票进行支付，相关票据交付或邮寄至：

Enterprise Services Center

Accounts Receivable Branch

6500 South MacArthur Boulevard

Oklahoma City, OK 73169

and shall be accompanied by a letter identifying the case title, civil action number, and name of this Court; Thor Technologies, Inc. or David Chin as a defendant in this action; and specifying that payment is made pursuant to this Final Judgment.

同时附上一封信函，确认案件名称、民事诉讼编号及本法庭名称，作为本案被告的Thor技术公司或David Chin，以及明确按照本终审判决兑现支付款项。

Defendants shall simultaneously transmit photocopies of evidence of payment and case identifying information to the Commission’s counsel in this action. By making this payment,Defendants relinquish all legal and equitable right, title, and interest in such funds and no part of the funds shall be returned to Defendants.

被告应同时将证明已支付的影印本和案件确认信息发送给本案委员会一方的律师。此款项支付后，被告不再拥有所有普通法及衡平法上的权利、所有权和此等款项的收益，并不得要求返还此等款项的任何部分。

The Commission may enforce the Court’s judgment for disgorgement and prejudgment interest by using all collection procedures authorized by law, including, but not limited to, moving for civil contempt at any time after 30 days following entry of this Final Judgment. The Commission may enforce the Court’s judgment for penalties by the use of all collection procedures authorized by law, including the Federal Debt Collection Procedures Act, 28 U.S.C. § 3001 et seq.,and moving for civil contempt for the violation of any Court orders issued in this action.

委员会可动用法律授权的所有催收程序，执行判决所确定的追缴款和迟延利息，包括但不限于在本终审判决登记之日起30日后的任何时候提出藐视法庭的申请。委员会亦可动用法律授权的所有催收程序，执行判决所确定的罚款，包括《联邦债务催收程序法》，及被告违反本案的任何法庭命令提出藐视法庭的申请。

Defendants shall pay post judgment interest on any amounts due after 30 days of the entry of this Final Judgment pursuant to 28 U.S.C. § 1961.

根据《1961年美国法典》第28条的规定，被告应在本终审判决登记之日起30日后支付任何到期的判决后利息。

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IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment. 

兹进一步命令、判决及裁定，为执行本终审判决，本法庭保留对本事项的管辖权。

The court granted default judgment for the SEC on all charges. The court permanently enjoined Thor and Chin from violating the securities registration provisions of Sections 5(a) and 5(c) of the Securities Act of 1933 and from participating in any crypto asset securities offering. The court also ordered Thor to pay disgorgement of $744,555 with prejudgment interest of $158,638.06 and ordered Thor and Chin to each pay penalties of $150,000.

法庭对SEC的所有诉求批准缺席判决，即永久禁止Thor和Chin违反《1933年证券法》第5条第(a)款和(c)款关于证券注册的规定，并禁止被告参与任何加密资产证券的发行，同时命令Thor支付追缴款744,555美元及迟延利息158,638.06美元，以及Thor和Chin分别支付150,000美元罚款。

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原文链接：https://www.sec.gov/litigation/litreleases/lr-25884

[1] 原文：SEC. 5. (a) Unless a registration statement is in effect as to a security, it shall be unlawful for any person, directly or indirectly— (1) to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to sell such security through the use or medium of any prospectus or otherwise; or

[2] 原文：SEC. 5. (c) It shall be unlawful for any person, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium of any prospectus or otherwise any security, unless a registration statement has been filed as to such security, or while the registration statement is the subject of a refusal order or stop order or (prior to the effective date of the registration statement) any public proceeding or examination under section 8.