Summary
ASIC has started civil proceedings against NGS Crypto and its directors for alleged breaches, including misleading or deceptive conduct. Mendham is prohibited from leaving Australia.
Key Points
1. The Australian Securities and Investment Commission (ASIC) has initiated civil proceedings against NGS Crypto, NGS Digital, and NGS Group, as well as their sole directors: Brett Mendham, Ryan Brown, and Mark Ten Caten.
2. Brett Mendham, one of the directors, has been restrained from traveling outside of Australia as part of the legal proceedings.
3. The ASIC has obtained federal court orders appointing receivers over the digital currency assets of the blockchain mining companies involved in the case.