Source: Cointelegraph
Original: “SEC Charges Unicoin and Its Executives with $100 Million Fraud”

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the cryptocurrency platform Unicoin and three of its executives, accusing them of making false and misleading statements about their crypto assets, thereby raising $100 million from investors.

On May 20, the SEC stated that it has charged Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former investment chief Alex Dominguez, claiming they misled investors regarding the certificates conveying rights to receive Unicoin tokens and stock.

SEC Enforcement Division Deputy Director Mark Cave claimed that the three “exploited thousands of investors with false promises, asserting that their tokens would be backed by real-world assets, including valuable real estate globally, at the time of issuance.”

Cave added, “The value of these real estate assets is only a fraction of what the company claims, and most of the transactions involving the sale of rights certificates are illusory.”

The SEC's complaint has been filed in Manhattan federal court, accusing Unicoin and the three executives of violating multiple securities laws and seeking permanent injunctive relief, as well as the return of profits allegedly obtained through improper means.

Related: The SEC's cryptocurrency task force will release its first report in the "coming months."

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