Disclosing material non-public information to your advisory board is a violation of SEC reg?
None of this is properly covered by the SEC. Picking over specifics isn't really helpful.
My due diligence resulted in words like grey area, cluster fuck, no one knows... And the result was in the immediate future the real concerns are fraud through misrepresentation of information, misuse of investor funds, but primarily investors not getting their investment back. US investors that is.