SEC wins $1.1 million after a Georgia man failed to appear in court to address civil fraud charges linked to a deceptive cryptocurrency scheme.
The U.S. Securities and Exchange Commission secured the judgment after Keith Crews of Kennesaw, Georgia, ignored legal proceedings related to a fraudulent crypto offering that falsely claimed to be backed by stem cell advancements.
Federal ruling issues financial penalties
On June 3, 2025, U.S. District Judge Tiffany Johnson of the Northern District of Georgia issued a default judgment against Crews, ordering him to pay over $1.1 million. This amount includes more than $530,000 in ill-gotten gains, nearly $51,000 in prejudgment interest, and an additional civil penalty equal to the profits. The court also permanently barred Crews from future violations of federal securities laws.
The SEC originally filed its complaint in August 2023, accusing Crews of orchestrating a fraudulent crypto investment scheme through two entities he controlled, Stem Biotech LLC and Four (4) Square Biz LLC. The complaint stated that between October 2019 and May 2021, Crews raised at least $800,000 from around 200 investors, most of whom were non-accredited and lacked investment protections.
False claims and deceptive promotion
According to the SEC, Crews promoted a digital asset called “Stemy Coin” using misleading information. He claimed the coin was backed by cutting-edge stem cell technology and tangible assets such as gold. Crews also insisted that his company operated functional biotech labs and had active medical partnerships. However, the investigation revealed that these claims were fabricated, with no real technology, operations, or collaborations behind them.
The promotional strategy involved emails, phone calls, company websites, and a network of self-labeled ambassadors. These ambassadors distributed materials that Crews personally reviewed and approved. Many investors were recruited through church communities and Bible study groups, highlighting a pattern of targeting close-knit, trust-based environments.
Unauthorized use of names and brands
It was also claimed that Crews used the brand names of respected people and businesses to give his fraud scheme a false sense of legitimacy. SEC found references to Dr. Shah and Alexandros, that were not authorized and delete them quickly. Dr. Then, Shah said he didn’t want to be mentioned in any marketing efforts for the film. The company BHI did the same thing in January 2021 when its brand and intellectual property were used to promote the digital token without their consent.
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