The United States Securities and Exchange Commission (SEC) has charged Jonathan C. Lucas, the founding father of grownup leisure market Fantasy Market, with orchestrating a fraudulent preliminary coin providing (ICO).
According to the SEC complaint revealed on Sept. 23, Lucas acquired round $63,000 in cryptocurrency from greater than 100 traders “through the fraudulent offer and sale of unregistered digital securities of Fantasy Market.” The doc states:
“As alleged in the complaint, Lucas made numerous materially false statements in a whitepaper and online to induce investors to participate in the ICO. Among other alleged misstatements, Lucas claimed that a “working-beta” version of the company’s adult-entertainment platform existed when one did not, presented a fictitious management team, and misrepresented his own experience. After garnering media attention over investor complaints, the complaint states, Lucas returned the funds raised to investors.”
A civil penalty of $15,000
The SEC’s lawsuit was filed within the Manhattan federal district court docket. It is said that Lucas has violated a number of securities legal guidelines associated to countering fraud. It can also be famous that Lucas has consented, with out admitting or denying the allegations within the grievance, and was ordered to pay a civil penalty of $15,000.
As Cointelegraph reported lately, Canadian social media firm Kik determined to downsize and shut down its messenger as a result of agency’s have to handle assets in a authorized battle with the SEC.
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