- A man fined by the SEC in 2022 filed a surprise motion in the Ripple case.
- He claims to hold ‘decisive evidence’ that could aid Ripple and the public.
A man previously ordered to pay over $10 million to the US Securities and Exchange Commission has filed an unusual last-minute request to intervene in the recently concluded Ripple case.
He claims to possess “decisive evidence” in favour of the defendants and the broader American public.
Justin W. Keener, who operated under the name JMJ Financial, submitted a five-page letter to Judge Analisa Torres on April 2, asking to present proprietary data and physical documents he says could shed new light on the legal classification of investment contracts.
The letter was filed just weeks after Ripple CEO Brad Garlinghouse declared victory, saying the SEC would drop its appeal in the long-running lawsuit over XRP’s security status.
Keener is not a party to the Ripple case but insists he has a vested interest.
He describes himself as the curator of what he believes is the only known collection of physical investment contracts, which he claims were intentionally erased from public view over the past 50 to 60 years.
These contracts, according to Keener, support a clearer understanding of what constitutes a security under US law.
The SEC previously sued Keener in 2020, accusing him of acting as an unregistered penny stock dealer.
A Florida court then ruled against him in 2022, ordering him to pay $10.2 million in disgorgement, interest, and penalties.
The court found Keener bought and sold billions of newly issued shares through convertible debt deals without registering as a dealer.
Though the Ripple case is effectively over, Keener’s last-minute filing suggests a bid to draw parallels between his own legal battle and Ripple’s, particularly the financial toll he claims both have incurred.
In his filing, Keener suggests his data could help protect Americans from regulatory overreach, and even offered to submit a “bulletproof” selection of evidence via a system he calls The Mainframe.
He acknowledged the timing of his request is “not ideal,” but insisted it’s of the “highest importance.”
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
