BitcoinSistemi 2025-05-21 06:47:06

SEC Charges New Altcoin with Being a Security and Its Founder with Fraud!

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against a new crypto investment firm as it closes down cryptocurrency lawsuits filed by the previous SEC administration. The SEC has charged cryptocurrency firm Unicoin and three of its top executives, including its CEO and Chairman Alex Konanykhin, with fraud, according to an official statement from the SEC. Accordingly, the SEC charged Unicoin and its executives with making false and misleading statements regarding the fundraising of more than $100 million from thousands of investors. According to the SEC, the company misled investors by falsely claiming that Unicoin tokens were backed by real-world assets such as valuable real estate. The SEC noted that Unicoin claimed to have sold over $3 billion worth of certificates to deceive investors, but in reality failed to raise more than $110 million. The SEC also alleges that Unicoin and CEO Konanykhin violated federal securities laws by engaging in sales of unregistered securities and rights certificates. “We allege that Unicoin and its executives exploited thousands of investors with fictitious promises that its tokens, when issued, would be backed by real-world assets, including an international portfolio of valuable real estate assets. As we allege, the real estate assets were worth only a fraction of what the company claimed, and many of the company’s sales of its certificates of rights were misleading. We believe Unicoin’s most senior executives perpetrated the fraud, and in today’s lawsuit, we seek to hold them accountable for their fraudulent conduct,” said Mark Cave, director of the SEC’s Division of Enforcement. *This is not investment advice. Continue Reading: SEC Charges New Altcoin with Being a Security and Its Founder with Fraud!