The United States Stock Exchange and Securities Commission (SEC) charged the Unicoin cryptographic platform and three senior executives on Tuesday with fraud. The SEC said they made false and deceptive statements about their tokens and raised more than $ 100 million from investors.
Unicoin accused of Violate securities laws in raising more than $ 100 million
In a complaint filed in the Southern New York on May 20, the SEC accused the CEO of Unicoin Alex Konanykhin, former president of the Maria Moschini Board, the senior vice president and general advisor Richard Devlin and former investment director Alejandro Dominguez to deceive more than 5,000 investors on the “certificates of rights” that the rights of rights “that the rights of rights” Receive Unicoin to the earrings and a stock.
“We claim that Unicoin and its executives exploded thousands of investors with fictional promises that their tokens, when they are issued, would be backed by real world assets, including an international portfolio of valuable real estate properties,” said Mark Cave, associate director of the SEC division, in a statement. “But as we claim, real estate assets were worth a mere fraction of what the company claimed.”
The SEC argued that Unicoin was never owned by the real estate properties that he told the investors he had bought, and that the values of these properties were very exaggerated.
Unicoin allegedly placed ads in airports, taxis, carbario screens of office buildings and television programs to attract investors, promoting offers such as “next generation” safe investments.
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The complaint also alleges that Unicoin falsely said that his tokens were registered in the SEC and had obtained $ 3 billion in sales in June 2024, when he sold just over $ 110 million in his rights certificates.
According to judicial documents, the SEC is looking for a precautionary relief, the ascent and civil sanctions against all the accused appointed, as well as the prohibitions of officers and directors for the three senior executives.
Devlin agreed to pay a civil fine of $ 37,500, without admitting or denying charges.
The demand occurs when the SEC, under the new Trump-Vance administration, has dismissed several cases of compliance with high profile cryptocurrencies, including recent cases against Coinbase, Ripple, Robinhood and Consentys. These SEC actions are part of a radical change of the hostile regulatory position adopted by the previous Biden regime.
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