ico scam

SEC wins Final Judgment of nearly $7 Million against PlexCoin ICO Scammers

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Brief Background

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

SEC prevails in Final Judgment

On October 2, 2019, the U.S. District Court for the Eastern District of New York entered a final judgment against the Defendants who were ordered to disgorge, on a joint and several basis, $4,563,468 in ill-gotten gains from the PlexCoin ICO plus $348,145 in prejudgment interest, and Lacroix and Paradis-Royer are ordered to each pay a $1,000,000 civil penalty. Lacroix also is permanently barred from serving as an officer or director of a publicly traded entity. You can read the Litigation release in its entirety by clicking here.

SEC had to coordinate with many international agencies to secure this win

The SEC coordinated with many international parties to secure this final judgment including Autorité des marchés financiers of Quebec, the Ontario Securities Commission, the Hong Kong Securities and Futures Commission, the French Autorité des marchés financiers, the Financial Services Agency of Japan, the United Kingdom Financial Conduct Authority, the British Columbia Securities Commission, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN), the Gibraltar Financial Services Commission, and the Monetary Authority of Singapore.

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