The US Securities and Trade Fee has charged crypto platform Unicoin and three of its executives, alleging they made false and deceptive statements about its crypto property that raised $100 million from buyers.
The SEC said on Might 20 that it charged Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former funding chief Alex Dominguez with deceptive buyers 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 hundreds of buyers with fictitious guarantees that its tokens, when issued, can be backed by real-world property together with a world portfolio of priceless actual property holdings.”
Associated: SEC crypto task force to release first report ‘in the next few months’
“The actual property property have been value a mere fraction of what the corporate claimed, and the vast majority of the corporate’s gross sales of rights certificates have been illusory,” Cave added.
The SEC’s criticism, filed in a Manhattan federal courtroom, 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 features.
Journal: SEC’s U-turn on crypto leaves key questions unanswered
