Defendant Name: RYVYL, Inc.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: 39366L30

Initial Case Details

Legal Case Name SEC v. RYVYL Inc., Fredi Nisan, and Benzion Errez
First Document Date 27-Apr-2026
Initial Filing Format Civil Proceeding
Case Number 26-cv-02672
Allegation Type Issuer Reporting and Disclosure
Federal District Court California, Southern District of California

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
Securities Act
• Sec 17(a) (Not specified)
Additionally, Fredi Nisan is alleged to have aided and abetted RYVYL, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Benzion Errez is alleged to have aided and abetted RYVYL, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Fredi Nisan is alleged to have aided and abetted RYVYL, Inc.'s violation of Sec 13(a) of the Exchange Act.
Benzion Errez is alleged to have aided and abetted RYVYL, Inc.'s violation of Sec 13(a) of the Exchange Act.
Fredi Nisan is alleged to have aided and abetted RYVYL, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Benzion Errez is alleged to have aided and abetted RYVYL, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Fredi Nisan is alleged to have aided and abetted RYVYL, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Benzion Errez is alleged to have aided and abetted RYVYL, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Fredi Nisan is alleged to have aided and abetted RYVYL, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Benzion Errez is alleged to have aided and abetted RYVYL, Inc.'s violation of Rule 13a-13 of the Exchange Act.

Resolutions

First Resolution Date 28-Apr-2026

Related Documents:

comp26541 27-Apr-2026 Complaint
Complaint
The SEC stated: "This matter concerns a multi-year course of fraudulent conduct by which RYVYL Inc. (“RYVYL”), its chief executive officer, Fredi Nisan (“Nisan”) and its chairman of the board, Benzion Errez (“Errez”) defrauded the investing public by falsely depicting RYVYL in its public filings with the Commission as a cutting edge 'financial technology company that develops, markets, and sells innovative blockchain-based payment solutions” and that its “proprietary blockchain-based technology serves as the settlement engine for all transactions within [its] ecosystem.'"
LR-26541 28-Apr-2026 Litigation Release
SEC Files Settled Action Against Financial Technology Company and its Founders for Alleged Fraudulent Disclosures
The SEC stated: "On April 27, 2026, the Securities and Exchange Commission filed a settled action against RYVYL, Inc., and its two founders, former CEO, Fredi Nisan, and former chairman of the board Benzion Errez, for their respective roles in making alleged false disclosures in RYVYL’s public filings."

Other Defendants in Action:

Fredi Nisan
Benzion Errez