Emergency US Court Order Puts a Stop to Planned ICO
Cryptovest
Published Oct 12, 2018 02:49PM ET
Updated Oct 15, 2018 03:01PM ET
Emergency US Court Order Puts a Stop to Planned ICO
A US court has halted a planned initial coin offering (ICO) by an American company. On Thursday, SEC announced that they have obtained an emergency order against ICO promoter Blockvest. The order also put a stop to a pre-ICO sale by the founder and froze the assets of Reginald Buddy Ringgold III, Blockvest’s founder.
According to the documentation, Blockvest claimed to offer “the first licensed and regulated tokenized cryptocurrency exchange & index fund based in the US” and went as far as to imagine a new regulatory organ, the non-existent “Blockchain Exchange Commission”.
The SEC’s complaint specifies that Blockvest and Ringgold (who also goes by the name of Rasool Abdul Rahim El) misrepresented their connections to an accounting firm and falsely claimed to be “licensed and regulated”. The complaint also alleges the “Blockchain Exc...
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