- SEC counts Unicoin for misleading investors and wrongly claims a turnover of $ 3 billion.
- More than 5,000 investors were misled by aggressive, high -profile marketing campaigns.
For years, the former SEC chairman followed aggressive lawsuits against crypto companies and exchanges.
Now that Paul Atkins took over, the regulatory approach seems to change.
The sec solved large legal Fights related to Coinbase, Consensys, Metamask and even Ripple [XRP]Who eventually concluded his four -year -old courtroom Saga.
Despite reduced tensions, the SEC remains vigilant in its regulatory supervision.
Unicoin attacked by the SEC
In a new performance, the SEC Unicoin and three top managers of misleading investors accused and raised more than $ 100 million by misleading claims.
This shows that although the regulating climate can shift, intense control remains.
In a recent complaint submitted In the southern district of New York, the SEC was focused on the leadership of Unicoin.
The agency claimed that CEO Alex Konanykhin, board member Silvina Moschini and former Chief Investment Officer Alex Dominguez “law certificates” promoted that related to Unicoin totokens with the help of false or misleading claims.
In addition, the supervisor also accused the general counsel for the company, Richard Devlin, of issuing inaccurate statements in Memoranda of private placement.
Although Devlin did not admit misconduct, he agreed to pay a fine of $ 37,500 and to accept a permanent order.
Note about the same, said Mark Cave, associated director in the SECs Division of Enforcement, in a rack“
“We claim that Unicoin and his managers have exploited thousands of investors with fictional promises that his tokens, when published, would be supported by Real-World assets, including an international portfolio of valuable real estate.”
He added,
“But as we claim, the real estate activa was only worth a fraction of what the company claimed.”
The story so far …
TThe complaint of SEC emphasizes how Unicoin misled thousands of investors through misleading marketing tactics.
Although he claimed to have collected more than $ 3 billion through the sale of law certificates, the actual figure was closer to $ 110 million. Moreover, Unicoin wrongly stated that his offer was registered with the SEC, stimulating the trust of investors.
The company promoted these false claims through advertisements with high visibility at airports, taxis, TV and social media, and attracted more than 5,000 investors. Ultimately, these actions led the SEC to take enforcement measures against Unicoin.
This is not the first time that Unicoin has to do with checking the sec. Last year, journalist Eleanor Terrett revealed that Unicoin received a Wells notification in December.
Later, in April, the SEC called for settlement discussions, which indicates the growing legal pressure before the formal costs were submitted.