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ICOs are on the rise and the SEC’s Cyber Unit is proactively fulfilling its promise to protect investors against cyber-related misconduct involving distributed ledger technology and ICOs. Earlier this month, the SEC filed fraud charges against Dominic Lacroix, age 35, Sabrina Paradis-Royer, age 26 (Lacroix’s business partner), and PlexCorps aka PlexCoin, an unincorporated entity (Lacroix’s company).
The SEC’s complaint, filed December 1, 2017, describes the following characteristics of the ICO scam:
The SEC’s complaint is an emergency stop action to prevent Lacroix and Paradis-Royer from further misappropriating investor funds through their ICO scam that raised $15 million from thousands of investors worldwide. The following table summarizes the alleged U.S. federal securities laws violations:
Québec’s Autorité des Marchés Financiers (QAMF), the Canadian Securities Regulator, has announced that Lacroix will be going to jail for two months and will have to pay a $100,000 penalty. According to PlexCorps Facebook Page, PlexCorps intends to cooperate with the QAMF and the SEC until the end of the investigation.
[…] According to the U.S. Securities and Exchange Commission’s (“SEC”) complaint filed December 1, 2017, Dominic Lacroix, Lacroix’s business partner Sabrina Paradis-Royer, and Lacroix’s company PlexCorps aka PlexCoin, an unincorporated entity (collectively “Defendants”), fraudulently raised $15 million from thousands of investors worldwide. The fraud included failure to file a registration statement, promises of astronomical returns possibly as high as 88,737%, and material misstatements and omissions. You can read more about the PlexCoin ICO Scam in my previous blog. […]
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