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SEC Files Complaint for Fraudulent ICO Offering – Lexology


The SEC filed a Complaint against a blockchain-marketplace company and its founder for conducting a fraudulent and unregistered initial coin offering (“ICO”).

According to the SEC complaint, the company misrepresented or omitted information to investors when promoting and marketing digital assets. The company raised approximately $600,000 from 200 domestic and foreign investors. The SEC also found that the company did not file registration statements on the ICOs, which would have provided investors with operational and financial information on the company, in addition to any associated risks.

The SEC is seeking a final judgment against the company and its founder to (i) enforce a permanent enjoinment from violating SEC rules, (ii) enforce a disgorgement of ill-gotten gains, including prejudgment interest, (iii) bar the founder from acting as an officer or director of any public company, (iv) ban them from engaging in the offering of digital assets or other securities and (v) enforce a civil money penalty.



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