Litigation Releases (Cast Your Nets Ministries; CYNM Consulting, LLC; Phillip Trujillo; Jeremy Hammonds)

Cast Your Nets Ministries; CYNM Consulting, LLC; Phillip Trujillo; Jeremy Hammonds

U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26195 / December 16, 2024

Securities and Exchange Commission v. Cast Your Nets Ministries et al.,

No. 1:24-mc-00122-DDD (D. Colo. filed Dec. 12, 2024)

SEC Seeks Court Order Requiring Colorado-Based Company to Comply with Subpoenas

The Securities and Exchange Commission announced that it filed a subpoena enforcement action against Cast Your Nets Ministries; subsidiary CYNM Consulting, LLC; Cast Your Nets Ministries Board Member Phillip Trujillo; and Cast Your Nets Ministries executive Jeremy Hammonds. The filed action seeks an order directing Cast Your Nets Ministries, CYNM Consulting, Trujillo, and Hammonds to comply with the subpoenas.

According to the SEC's application and supporting papers filed in the U.S. District Court for the District of Colorado, the SEC is investigating whether Cast Your Nets Ministries, CYNM Consulting, Trujillo, and Hammonds violated the federal securities laws by, among other things, conducting a fraudulent and unregistered securities offering. The SEC's application states that it is seeking documents from Cast Your Nets Ministries, CYNM Consulting, and Trujillo related to the structure and business of those entities; the products they offer; and the crypto asset advertised on the Cast Your Nets Ministries' website.The SEC's application further states that it is seeking testimony from Trujillo and Hammonds regarding, among other things, the structure and nature of the offered products.

On May 20, 2024 and August 6, 2024, the SEC issued subpoenas for documents to CYNM Consulting and Cast Your Nets Ministries, respectively. On September 30, 2024, the SEC staff issued a subpoena for documents and testimony to Trujillo and a subpoena for testimony to Hammonds. According to the SEC's application, despite repeated attempts to secure compliance with the subpoenas, Cast Your Nets Ministries, CYNM Consulting, and Trujillo have not produced all responsive documents, and Trujillo and Hammonds have not appeared for testimony.

The SEC is continuing its fact-finding investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws.