The U.S. Securities and Exchange Commission (SEC) is continuing its campaign against illegal Initial Coin Offerings. In the most recent case, the criminal is the end of the Hand of the law against Fantasy Market, a planned Online platform for pornographic content.
By Anton Livshits
On the 25. September 2019BTC$8,421 total,03 has submitted -11.91%part Facebook Twitter LinkedIn xing mail
The U.S. Securities and Exchange Commission (SEC) re-action due to an improper Initial Coin Offerings (ICO). This Time it met with Jonathan C. Lucas, the operator of the Fantasy Market, an Online marketplace for pornographic content. Lucas and the SEC reached a judicial conciliation.
As of the related indictment of the SEC, it emerges, was conducted by Lucas in August 2017, a ICO for the Fantasy Market. He should have taken this 63,000 US dollars. To investors, Lucas stated that the customers of the Fantasy Market porn could control graphical performances on the platform using the framework of the ICO offered Fantasy Market Token. Lucas also promised that the Token with the time value, which investors would have the ability to profitably resell. Both the information on the value of the Token as well as Fantasy Market itself, should turn out to be wrong.
lawsuit, in spite of repayment of the ICO money
In the Fantasy Market White Paper gave Lucas such inaccurate way that the platform is already in a functional beta stage. Lucas tricked the investors also on the Management Team and his own work experience. Finally, he claimed that a large part of the required funds had already been a private Token Pre-Sale taken. According to the SEC, it was also this to be false facts. After complaints from the investors were passed to the Public, repaid Lucas by the ICO funds.
nevertheless, the SEC filed a complaint against Lucas. The sec accused him, to have the investors by providing false information deceived. In addition, Lucas had not registered with the ICO. In the context of a judicial arbitration must pay to Lucas now $ 15,000 penalty. In addition, he is prohibited by injunction for five years, as to securities transactions to participate. Business from his private Bank account are excluded from the scheme. The arbitration involves no admission of guilt.
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The Fantasy Market ICO is not the only case in which the SEC recently became active. Just a few days ago, the authority filed a suit against the platform ICOBox and the operators of Nikolay Evdokimov. The accusation against Evdokimov is also to have a wrongful ICO carried out. He is supposed to be occurred as a broker without authorisation.
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