The US Securities and Change Fee has charged crypto platform Unicoin and three of its executives, alleging they made false and deceptive statements about its crypto belongings that raised $100 million from traders.
The SEC stated on Might 20 that it charged Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former funding chief Alex Dominguez with deceptive traders about certificates that conveyed rights to obtain Unicoin tokens and inventory.
Mark Cave, affiliate director within the SEC’s Division of Enforcement, claimed the trio “exploited 1000’s of traders with fictitious guarantees that its tokens, when issued, can be backed by real-world belongings together with a global portfolio of invaluable actual property holdings.”
Associated: SEC crypto process drive to launch first report ‘within the subsequent few months’
“The true property belongings had been price a mere fraction of what the corporate claimed, and nearly all of the corporate’s gross sales of rights certificates had been illusory,” Cave added.
The SEC’s grievance, filed in a Manhattan federal court docket, charged Unicoin and the three executives with varied securities legal guidelines violations and asks for everlasting injunctive reduction, together with paying again the allegedly ill-gotten beneficial properties.
Journal: SEC’s U-turn on crypto leaves key questions unanswered
