SEC v. Thomas J. Gity, et al. (2020)

Settled

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In September 2020 the SEC charged Florida man Thomas Gity, a convicted felon, with taking at least $6.8 million from at least 18 investors for a digital asset trading scheme; his son and the son's company were relief defendants. On June 21, 2021 the court approved a consent judgment against Gity Sr. ordering $4,676,716 in disgorgement, $241,647 in interest and a $192,768 penalty, with the final judgment entered September 23, 2021.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	LR-24930
Date filed	2020-09-30
Date resolved	2021-09-23
Status	settled
Asset class	crypto
Criminal parallel	No
Defendants	Thomas J. Gity (individual) ; Thomas Gity, Jr. (individual) ; Treasure Coast Property Enterprises, LLC (entity)
Cited as charged or alleged	Exchange Act s.10(b) and Rule 10b-5 ; Securities Act s.17(a) (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: $193k
Disgorgement: $4.7m
Prejudgment interest: $242k
Total relief: $5.1m
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The SEC announced the complaint on September 30, 2020 (LR-24930) in the Southern District of Florida. Over $1.8 million went to his son and the rest to personal expenses, gambling and some Ponzi-like payments to investors. The SEC asked for a penalty, disgorgement and injunctions, including a conduct-based injunction; what was ordered is described below.

The Ponzi tag is removed because the release is headed a cryptocurrency offering fraud, with payments to investors one use of the money. A conduct-based injunction that was only sought is cleared, and the "et al." defendants are named.

On June 21, 2021 the Southern District of Florida granted the SEC's agreed motion for a consent final judgment against Thomas Gity, Sr., and the clerk's separate final judgment followed on September 23, 2021. The consent judgment orders disgorgement of $4,676,716, prejudgment interest of $241,647 and a civil penalty of $192,768, and enjoins future violations. The judgments read cover Gity Sr. only; what happened to the claims against Thomas Gity, Jr. and Treasure Coast Property Enterprises, LLC, named as relief defendants in the SEC's papers, was not checked.

Timeline

2020-09-30 Litigation release published
2021-06-21 Court grants motion for consent final judgment against Thomas Gity, Sr.
2021-09-23 Final judgment entered against Thomas Gity, Sr.

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.