Cyber Unit of the SEC Introduces Emergency Measures to Combat ICO Fraud

 

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As of late, there has been an increased emphasis placed by the relevant regulatory authorities on initial coin offerings (ICOs). The occurrence of these ICOs has exploded in 2107 and they have raised almost $5 billion over the past twelve months which will act as funds for a variety of interesting blockchain-based projects.

As of late, there has been an increased emphasis placed by the relevant regulatory authorities on initial coin offerings (ICOs). The occurrence of these ICOs has exploded in 2107 and they have raised almost $5 billion over the past twelve months which will act as funds for a variety of interesting blockchain-based projects.

While a lot of these startups have great intentions, some of them are scams or are actively trying to deceive the authorities. A number of examples of this has been seen in recent times which has led to investors becoming wary as to whom they invest their money with.

It has also caught the attention of the regulatory bodies, such as the Securities and Exchange Commission (SEC) in the United States who have begun to crackdown on dodgy ICOs.

They have a newly formed unit called the Cyber Unit and they recently shut down an ICO and brought their very first case against it.

The defendant is a company called PlexCorps and they are being accused of having violated securities laws as a result of an unregistered and fraudulent securities offering that has been dubbed Plexcoin.

In order to prevent these people from misusing the funds that they had raised through their ICO, the SEC has frozen them after being successful in their application to get an emergency court order.

It is not the first time that some of the owners of the company had been in trouble with the law when it comes to securities. One of the defendants is Dominic Lacroix and he had previously had a guilty plea in Canada for a previous offence.

PlexCorps had managed to raise over $15 million through their ICO as a result of thousands of people investing. The SEC is also saying that the company misled their investors by promising them that their investment would result in a profit of 1.354% in under 29 days.

The SEC is claiming that misleading and false statements were used to get investors on board and that the founders had used the funds for personal expenditures, such as home improvement expenses.

This is a landmark mark case for ICOs and it is something that should be watched closely by people who have invested in an ICO or are thinking about doing so. It will be interesting to see what sort of punishment is handed out if PlexCorps is found guilty.

 

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