Share this article
SEC Files Fraud Charges Against Florida Man in Crypto App Scam
Aron Govil of Jacksonville is also being charged with scalping and insider trading in a related case.
Updated Sep 14, 2021, 1:27 p.m. Published Jul 19, 2021, 7:00 p.m.
The U.S. Securities and Exchange Commission has charged a Jacksonville, Fla., man with defrauding investors in two companies he controlled, including one that the SEC says fraudulently claimed to be developing a crypto mobile payments application.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Aron Govil, CEO of mobile application developer Telidyne, allegedly told investors between April 2019 and May 2020 that the company had developed the “Teli App” that allowed users to conduct transactions in cryptocurrencies on a mobile phone, and had also started to develop an app that detected COVID-19. According to the SEC’s complaint, the “Teli App” wasn't functional and the company hadn't started work on the COVID-19 detection app.
Govil is also being charged with separate crimes related to his leadership of technology company Cemtrex Inc. The complaint alleges that Govil misappropriated over $7 million of Cemtrex investor funds between April 2016 and January 2018, and engaged in illegal stock scalping by secretly selling Cemtrex stock while paying stock promoters to recommend it. It also charged him with insider trading.
The charges against Govil are part of the SEC’s crackdown on crypto-related fraud.
Govil has agreed to pay a $626,782 disgorgement of funds plus interest and a civil penalty of $620,000. Govil may also be subject to additional penalties and disgorgement if the court deems them appropriate.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
DraftKings enters prediction markets with CFTC-approved app for real-world events
The sports-betting giant enters the growing world of event contracts with CFTC-registered DraftKings Predictions in 38 states.
What to know:
- DraftKings has unveiled a CFTC-regulated app letting users trade on real-world outcomes like sports and finance in 38 U.S. states.
- The move puts it in direct competition with crypto-native prediction markets like Polymarket or other competitors like Kalshi and Robinhood.
- Prediction markets have emerged as one of the biggest financial trends of the year, fueled by regulatory clarity and rising demand for real-time speculation.
Top Stories
