SEC sues Unicoin and its executives for securities fraud involving over $100 million

Odaily Planet Daily News: The US Securities and Exchange Commission (SEC) announced on May 20, 2025, that it has filed a lawsuit against Unicoin, Inc., headquartered in New York City, and three of its executives, accusing them of making false and misleading statements in the issuance of certificates claiming to receive the cryptocurrency Unicoin token and the issuance of Unicoin common stock. The executives involved in the case include CEO and Chairman of the Board Alex Konanykhin, former President and Chairman of the Board, current director Silvina Moschini, and former Chief Investment Officer Alex Dominguez. The SEC accuses Unicoin and its executives of falsely claiming to over 5000 investors that its token will be backed by billions of dollars in real estate and pre IPO company equity through extensive publicity, including advertising at airports, New York taxis, and on television, but the actual asset value is much lower than that. In addition, the SEC stated that Unicoin falsely claimed to have sold over $3 billion in certificates, with actual financing not exceeding $110 million, and falsely advertised that its certificates and tokens were registered with the US Securities and Exchange Commission. The SEC has filed a lawsuit in the Southern District Court of New York, seeking permanent injunctions, the return of illegal gains, civil fines, and employment bans on the executives involved. Richard Devlin, the general counsel of Unicoin, has also been charged with making similar false statements due to negligence and has agreed to pay a civil fine of $37500.