The US Securities and Stock Exchange Committee (SEC), based in New York and three senior executives, was accused with defrauding investors through misleading and incorrect data.
SEC’s complaint details how the company attracted more than 5,000 investors through aggressive marketing campaigns. At the same time, there were fraudulent claims about setting a distinctive symbol to assassinate assets and organizational.
The United States claims a great distortion of assets and sales numbers
SEC’s complaint reminds the unicoin mode and its executives regarding the company’s assets and sales performance.
According to the deposit, the company falsely claimed that the unicoin symbols were “backed by billions” in billions of dollars in real estate and shares in companies before the executive subscription.
However, in fact, the project “never deserved more than a small part of this amount.” Mark Kaif, assistant director of the SEC enforcement department, said, said.
“We claim that Unionoin and its executives have exploited thousands of investors with fake promises that the distinctive symbols, upon their issuance, will call for real assets, including an international group of valuable real estate possessions.”
In addition, the complaint stated that the project was flawed in stark sales numbers. She claimed that she sold more than $ 3 billion in rights certificates, with a rare of more than $ 110 million. SEC also claims that Unicoin has ignited the organizational state of its shows.
They were also accused of marketing certificates of rights and symbols as an increase “registered” or “registered the United States”. In fact, they did not receive such approval.
It is claimed that these distortions were widespread through wide promotional efforts, including advertisements at major airports, thousands of taxis in New York City and through television and social media.
Unicoin executives accused of securities violations
SEC Unicoin fee is not targeted as a company, but also specifically to name three senior executives: CEO, Chairman Alex Conneyen, former President Silvina Moshini, and former investment president Alex Dominguez. The three are accused of violating anti -combustion provisions from federal securities laws.
Konanykhin faces additional fees related to unregistered securities. According to the complaint, it is
“… more than 37.9 million certificates of rights to provide better prices and target investors who banned the company from participating in the offer.”
It was claimed that this procedure was taken to avoid the exemption of Unikoin from the registration requirements.
SEC file also mentions Richard Devilin, General Adviser to Unicoin. He claims that he made similar misleading data in the Special Employment Memorandum used to submit and sell rights certificates and the company’s shares.
Unlike other executives, Devlin has already agreed to settle with SEC without recognizing or rejecting allegations. They also agreed to permanent restless relief and a $ 37,500 civilian.
The complaint seeks severe penalties against the remaining defendants. This includes permanent restraint relief, dismantling of illegal gains with the interest of pre -judgment, civil sanctions, officers and manager bars against Connninhin, Mushini, and Fumingoy. This would prevent them from serving in leadership positions in public companies.
Unionoin rejected settlement talks after December’s notice
The legal problems of Unicoin started with SEC before announcing the official charges. According to former Fox press reports, Eleanor Territ, the company received Wales’s notice from the Supreme Education Council in December regarding a distinct minor.
Wells notes that SEC employees have taken a preliminary decision to recommend enforcement measures against the recipient.
After this notice, the UNICOIN Organizational Authority called for the attendance of the settlement negotiations to be held on April 18. Territ told “some of the organizer’s requests for the meeting were unacceptable,” saying that the company will be fighting instead in court.
This decision came to reject the settlement talks about three weeks before SEC officially submitted its complaint at the American Provincial Court of the Southern Region in New York. The drawings that the company now and its executives are now wider are much wider than the issue of the distinctive Airdrop mentioned in the Wells notice.
Source: https://wwwt