SEC Nixes Fraudulent Tomahawk ICO, Bars Company Founder
Cryptovest
Published Aug 15, 2018 04:16AM ET
Updated Aug 15, 2018 05:20AM ET
SEC Nixes Fraudulent Tomahawk ICO, Bars Company Founder
The US Securities and Exchange Commission (SEC) announced on Tuesday it had secured prohibitions against the founder of Tomahawk Exploration — a company which attempted to raise money issuing a Tomahawkcoin (TOM) in an allegedly fraudulent initial coin offering (ICO).
Tomahawk launched its ICO in 2017, seeking $5 million to ostensibly fund the cost of drilling oil wells in California. The offering failed to raise any money but the company used a “bounty program” to issue tokens in return for online promotional services.
The SEC alleges that Tomahawk and its founder David Laurance used misleading marketing materials and false claims about having oil drilling licenses on top of providing inflated output projections. The purported fraud also included a false promise that &ldqu...
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