— Wisconsin will receive more than $400,000 through a settlement with the crypto-related company Nexo Capital, the state Department of Financial Institutions says.
DFI this week announced a $22.5 million multi-state securities settlement against the company, which was created in 2018 in the Cayman Islands. Nexo Inc. and Nexo Capital Inc., collectively called Nexo, provides services related to cryptocurrency assets. That includes investing, trading, borrowing and lending.
One of its offerings, the “Earn Interest Product” program, was the focus of an investigation by a North American Securities Administrators Association working group that included DFI and other state regulators. The program offered investors interest-bearing crypto asset accounts, the DFI release shows.
Late last year, members of the working group took action against Nexo after finding these accounts are securities and therefore require protections for investors such as registration and risk disclosures. On Nov. 3, DFI issued a legal order against the company alleging Nexo had violated state law by offering and selling unregistered securities, according to an agency spokesperson.
Rather than requesting a hearing in which the agency would have presented evidence to support the summary order, Nexo entered into a “consent order” under which it agreed to end its violations of the securities laws and pay a civil penalty of $424,528 to the state.
Of that total, $141,509 is due immediately, the spokesperson explained. The rest of the penalty will be paid over the next nine months in three equal payments of $94,339. These funds may be used to cover the cost of investor education efforts, with excess dollars going into the state’s general fund.
Under the consent order, Nexo will be required to register the Earn Interest Product program or any other security products before selling them in Wisconsin.
“However, Nexo has announced it is winding down its business in the United States in the coming months,” the spokesperson wrote in an email. “For that reason, Wisconsin investors should consider withdrawing all assets from their Nexo accounts as soon as possible.”
See the release: https://www.wdfi.org/newsroom/press/2023/20230131NewsReleaseNexoVFINAL.pdf
See the consent order: https://www.wdfi.org/_resources/indexed/site/newsroom/admin_orders/2023/245199%20Nexo%20Inc%20&%20Nexo%20Capital%20Inc%20Consent%20Order.pdf
— Alliant Energy is proposing a new battery storage system in Sheboygan, calling it a “cost-effective solution” that would help the utility company meet projected customer demand.
The proposed battery system would be built next to the existing Edgewater Generating Station. If the project is approved by the state Public Service Commission, the Madison-based business aims to begin construction on the Edgewater Battery Project in 2024. It’s expected to go online soon after the generating station is slated to be retired in 2025, according to a release.
The battery facility would be located on a seven-acre site and could store enough energy to power more than 100,000 homes in the state for four hours, Alliant Energy says. The company’s website shows plans for the project were filed in January.
The company also plans to develop additional battery storage capacity at solar sites in Grant and Wood counties as part of its transition to more renewable energy sources.
David de Leon, president of Alliant Energy’s Wisconsin company, says the battery system “represents the next phase of energy generation that will enable more sustainable growth and greater resiliency” in its energy portfolio.
“With a strong local workforce and robust infrastructure, the Sheboygan community has helped deliver safe and reliable energy to our customers for generations,” he said in the release. “The Edgewater Battery Project is a smart investment that strengthens our generation portfolio while leveraging the historic energy investments in the Sheboygan community.”
See the release:
See more on the company’s energy storage plans: https://www.alliantenergy.com/cleanenergy/ourenergyvision/energystorage
— WisPolitics.com, WisBusiness.com and UW-Milwaukee next week will host a luncheon panel in Milwaukee focused on the state’s health care workforce shortage.
Experts will discuss how the post-pandemic labor shortage is impacting health care providers in the state, as well as potential short- and long-term solutions to this problem.
Panelists will include: Dr. Leonard Egede, professor of medicine with the Medical College of Wisconsin; Nicole Pretre, a gerontologist and president and CEO of Cedar Community; St. Luke’s Medical Center Chief Nursing Officer Rosemary O’Malley; and state Sen. Patrick Testin, R-Stevens Point.
The discussion will be moderated by Kim Litwack, a professor and dean of the UWM College of Nursing.
See event details and register here:
<br><b><i>Top headlines from the Health Care Report … </b></i>
— Flu activity continues to drop in Wisconsin, according to the latest figures from the Department of Health Services.
Meanwhile, state health officials have released updated immunization requirements for kids in child care and schools for the 2023-24 school year.
And Dem legislative leaders Rep. Greta Neubauer and Sen. Melissa Agard say they will continue the push to legalize medicinal marijuana, but Agard blasted GOP leaders for standing in the way.
<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>
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# Restrictive zoning policies shut door to affordable housing in some suburbs
# School funding hangs in balance of Wisconsin budget debate
# As Wisconsin suicides climb, alarming rural rates turn focus to farm stress
– Wisconsin farmers had less cattle in January
– Wisconsin all milk price averaged $23.30 in December
– Women still climbing barriers to break into construction industry
– AGC of Wisconsin names new Board of Directors
– The Buzz: 12 Fox Cities businesses expected to open or break ground in 2023
– Survey: Most UW students afraid to express views in class
– Upcoming WAPS referendum to update career and technical education
– Summer may be far off, but Milwaukee is seeing hotter summer nights in its densely developed areas
– UW-Madison policy says road salt is toxic. So why did it dump so much?
# FOOD AND BEVERAGE
– Southeast Wisconsin’s next Dave’s Hot Chicken restaurant opens this month
– New Ledgeview brewery invites you to ‘hang’ out in private cocoons, tests membership concept
# HEALTH CARE
– Aurora Health Care’s newest Milwaukee-area hospital gains foothold
– Hobart retirement home to evict Medicaid residents because of increased costs
– Madison Ballet CEO moves on, artistic director to serve in interim
– Eagle Park Brewing expands Muskego facility
# REAL ESTATE
– Galbraith wants to build luxury townhomes in Wauwatosa
– Popular influencer quietly sells second Whitefish Bay home as rehab is underway
– Developer unveils early look at 25-story apartment tower at Renaissance Place on east side
– Fox Point residents push back against proposal for access to artist home
– The Elegant Farmer transitions to fourth generation of ownership
– Pride Night remains a winner for Admirals, LGBTQ+ fans despite some complaints
– MSOE to turn former residence into music conservatory
– Wisconsin’s draft 2050 rail plan includes lots of new service for Milwaukee
– 2 rural Wisconsin utilities receive federal loans for modernization, security
# PRESS RELEASES
<i>See these and other press releases:
Alliant Energy: New era of energy delivery coming to Sheboygan
Wisconsin Technology Council: Emerging companies may seek ‘speed dates’ with major firms at March 20 Tech Summit