RYVYL Accused of Defrauding Investors
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 28 2026
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A lawsuit filed in the U.S. District Court of the Southern District of California with the SEC as the plaintiff alleges that RYVYL Inc., its chief executive officer, Fredi Nisan, and its chairman of the board, Benzion Errez, "defrauded the investing public by falsely depicting RYVYL in its public filings with the Commission." The complaint also states: "Moreover, until its May 20, 2025 quarterly filing, RYVYL never publicly disclosed that a substantial majority of its transactions involved high-risk merchants, such as cannabis dispensaries, which are disfavored customers by most major credit companies due to the questionable legality of their businesses under federal law."
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
