Healthcare Archives -
A San Diego whistleblower will receive $ 17.2 million with the settlement of a 7-year-old false claims lawsuit against Prime Health Care regarding overbilling for Medicare services at 14 California hospitals.
The U.S. Department of Justice announced Friday that it has reached a $ 65-million settlement…
Colorado Securities Commissioner, Gerald Rome, has issued a cease and desist order to Florida based Linda Healthcare Corporation and its founder, Arturo Devesa, halting the company’s initial coin offering (ICO) due to the token sale being deemed an offering of an unregistered security. The cease and desist is a reaffirmation of a previous ruling made in July by administrative Judge, Matthew Norwood.
Linda Healthcare Corporation Issued Cease and Desist
The Colorado Department of Regulatory Agencies’ Division of Securities first became aware of Linda Healthcare Corporation’s “Linda Health Coin” (LNDA) in April.
A press release published by the Colorado Department of Regulatory Agencies states that the LNDA token was advertised to “be used to purchase specific ‘Linda Health Insurance’ covering telemedicine through an artificial intelligence chat services that creates medical solutions through use of blockchain technology.”
The release asserts that “Potential buyers of LNDA coin are not provided disclosures of the risks of investing in cryptocurrency and a pop-up that states that this particular ICO constitutes a security in the state of Colorado can be closed and easily ignored.”
LNDA ICO Determined to Comprise Securities Offering
The company claimed that it’s offering resembled a “crowdfunding campaign,” however, Judge Norwood found that the offering as detailed in the company’s white paper and website falls under the classification of an “investment contract.”
Judge Norwood determined that a “LNDA token is a security in that it meets all three prongs of the [Howey] test. It is 1) a contract, transaction, or scheme whereby a person invests his or her money in 2) a common enterprise and 3) is led to expect profits solely for the efforts of the promoter or a third party.”
Commissioner Rome stated: “ICOs are highly risky and should only be undertaken by sophisticated investors with the understanding that they may lose most or all of their funds. Most ICOs meet the terms of a securities transaction and carry with them all of the same risks when it comes to losing money. […] Investment opportunities being sold through ICOs over the internet need to be approached with the same level of caution as any high-risk investment venture. If you are investing money in any kind of cryptocurrency, such as a coin or token where you are expecting to reap returns and are relying on those returns to come from the efforts of an outside party, you are dealing with investments.”
What is your response to the determination that Linda were offering securities? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, www.colorado.gov
The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.
The post Denver-Based Healthcare ICO Issued Cease and Desist for Offering Securities appeared first on Bitcoin News.
Dear Liz: When I sat down with my accountant in March to do my 2017 taxes, he said next year I will take the standard deduction. Are my contributions to charity still deductible if I take the standard deduction?
Answer: No. Charitable contributions are an itemized deduction. If you don’t itemize…
Dr. Atul Gawande, a surgeon and bestselling author, has been named chief executive of a venture sponsored by Amazon.com Inc., JPMorgan Chase & Co. and Warren Buffett’s Berkshire Hathaway Inc. that aims to bring down those three firms’ healthcare costs.
The companies announced the appointment Wednesday…
A single-payer healthcare system once again is being talked about for California — the leading candidate for governor supports the idea — and once again the issue is being framed as a debate between starry-eyed dreamers and sober-minded realists.
It doesn’t have to be an either/or proposition.
It’s bad enough that U.S. healthcare prices are the highest in the world. That the healthcare industry routinely treats us as marks and suckers makes it infinitely worse.
San Juan Capistrano resident Dennis Ettlin, 70, was shopping in the most recent Medicare open enrollment for a new Medicare…
It’s no secret that Americans pay more for healthcare than people in all other developed countries. And a big reason for that is because our $ 3 trillion healthcare system is focused to a large extent on generating profits for businesses, rather than the well-being of patients.
Much of that profit-seeking…
Warren Buffett’s healthcare venture has far bigger plans than simply squeezing middlemen for better prices, the billionaire said.
“It would be very easy I think to go in and shave off 3 or 4% just by negotiating power,” Buffett said Monday in an interview on CNBC. “We’re looking for something much…
Healthcare companies led stocks broadly lower in Tuesday’s early trading on Wall Street as the market gave back some of its big gain from the day before.
Drug distributor companies were especially hard hit in the early going after the Wall Street Journal reported that Amazon was seeking to expand…