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SEC Sues Crypto Startup Unicoin and Its Executives For Fraud
The SEC on Wednesday said it has charged cryptocurrency startup Unicoin and three of its top executives for false and misleading statements that raised more than $100 million from thousands of investors. "We allege that Unicoin and its executives exploited thousands of investors with fictitious prom...
The SEC on Wednesday said it has charged cryptocurrency startup Unicoin and three of its top executives for false and misleading statements that raised more than $100 million from thousands of investors. "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 holdings," said Mark Cave, Associate Director in the SEC's Division of Enforcement. From the release: The SEC alleges that Unicoin broadly marketed rights certificates to the public through extensive promotional efforts, including advertisements in major airports, on thousands of New York City taxis, and on television and social media.
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