A three-member panel has reserved its decision for a future date in the case involving Dominion Bitcoin Mining Company Ltd.
In a fight that has been prolonged endlessly by legal technicalities and procedural issues, the company was first charged by Financial and Consumer Affairs Authority (FCAA) in May 2014 for alleged securities laws violations.
The FCAA accuses the company of advertising the sale of securities on its website without registering with the Authority or filing a prospectus, as well as having made misleading statements.
Dominion has countered that the web pages accessed were not publicly available or accessible to search engines. It was an “idea sharing website” with password protection, unintended for public viewing by investors, the company has argued.
An FCAA official claimed that at one point, he was able to access the content like anyone else.
KVB PRIME Strikes UK with Influential Finance Summit SponsorshipGo to article >>
Dominion alleges, however, that investigators used special software to hack into the site, or perhaps were looking at the wrong site. It further alleges that the FCAA used a secret informant who had inside knowledge of Dominion to grant access.
The FCAA said that such assertions are conspiracy theories.
The endless wrangling is aggravated by the fact that apparently, nothing is even at stake. The FCAA has not penalized the company, only demanding that it cease and desist from displaying the offending material, which may no longer be relevant.
Jason Dearborn, the company’s chairman, charged that the investigation “has been a witch hunt.”
The three-member panel presiding over the case held back its decision on Tuesday, saying it will issue a written ruling “in due course”, as reported by The StartPhoenix.