ICO Scam That Raised $15 Million Halted By SEC
While many questions around how existing securities law apply to initial coin offerings remain unanswered, the Securities and Exchange Commission has always made one thing clear: do not not engage in fraud.
On Monday, its new Cyber Unit, created in September to, among other things, regulate ICOs, took its first action, against PlexCoin, which promised investors a more than 13x return within a month.
It obtained an emergency asset freeze against Dominic Lacroix, whom it called a “recidivist Quebec securities law violator,” his partner Sabrina Paradis-Royer and PlexCorps. It also filed charges against LaCroix and PlexCorps alleging that they sold securities claiming investments in PlexCoin would bring profits of 1,354% profit in less than 29 days.
Since August, PlexCoin had raised $15 million from investors both in the U.S. and beyond. According to Coinmarketcap, the price plunged from 15 cents Sunday to as low as 5 cents Monday.
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