Forcing a crypto project to return the money to everyone who participated in the ICO process
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Answer Forcing a crypto project to return the money to everyone who participated in the ICO process
Yesterday, startup Vertasium headed by Reggie Middleton agreed to return more than $8 million to investors and pay a $1 million fine to the US Securities and Exchange Commission (SEC).
The amount that the SEC has demanded is part of the initial coin offering that Vertasium did earlier, according to East York County court documents.
The settlement that Reggie Middleton made with the SEC permanently prevents him from making any other digital financial offers in the future.
The SEC holds that the sale of digital securities was illegal, and that those who purchased the Veri token for Project Veritasium were victims of Middleton fraud.
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Middleton did not accept the allegations and denied them, but agreed to the fines.
The settlement came after the demands of the “SEC” body, which raised it Last August, Veritaseum illegally raised $14.8 million from an unregistered initial offer.
Whereas, according to US federal laws, the securities offer must be registered with the US Securities and Exchange Commission.
For the SEC to take a stand and find that “VERI” tokens are not legally eligible for sale.
This settlement is reminiscent of the SEC settlement with Block.one, the company that runs the EOS project, last month.
Block.one earned billions from the sale of the ICO, but the SEC deemed the sale illegal.
Block.one paid the same as Veritaseum, but with a $24 million fine.
For this reason… the company behind the EOS cryptocurrency was fined $24 million
In the past 30 days, the price of the “VERI” token reached its highest level of $23.82, after recent legal problems, the unit price of it fell to $18.26, according to Source.
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