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SEC Lands $700K Victory in Blockvest ICO Court Case
Summary: After years of legal action, the Securities and Exchange Commission (SEC) won the ICO case of blockchain asset trading company Blockvest. The defendant mistakenly stated that the ICO was "registered" and "approved" with SEC and they used the SEC logo, according to the court documents. Blockvest and its founder, Reginald Buddy Ringgold III, must pay ...
After years of legal action, the Securities and Exchange Commission (SEC) won the ICO case of blockchain asset trading company Blockvest. The defendant mistakenly stated that the ICO was "registered" and "approved" with SEC and they used the SEC logo, according to the court documents.
Blockvest and its founder, Reginald Buddy Ringgold III, must pay multiple compensation, including a refund of funds invested by participants in the offering. According to the document, the illegal proceeds, interest and civil fines totaled US$696,097.90.
Additionally, the document lists other offenses, such as inventing:“A fictitious regulatory agency, the Blockchain Exchange Commission (‘BEC’), creating its own fake government seal, logo, and mission statement that are nearly identical to the SEC’s seal, logo, mission statement as well as using the same address as the SEC’s headquarters.”
By Amy Liu
Tags: Blockvest,ICO,SEC
Link: SEC Lands $700K Victory in Blockvest ICO Court Case [Copy]
