ICO Asset Freeze Instituted By SEC on PlexCorps

ICO Asset Freeze Instituted By SEC on PlexCorps

Initial coin offering don't typically offer equity in a company issuing them.

Obtaining an emergency asset freeze against Dominic Lacroix, whom it called a "recidivist Quebec securities law violator", and his partner Sabrina Paradis-Royer and PlexCorps, the SEC unit filed charges against LaCroix and PlexCorps alleging that they sold securities claiming investments in PlexCoin would fetch profits of 1,354 per cent in less than 29 days.

The move by the SEC underlined its new commitment toward rooting out schemes in ICOs.

"The SEC's complaint charges Lacroix, Paradis-Royer, and PlexCorps with violating the anti-fraud provisions, and Lacroix and PlexCorps with violating the registration provision, of the USA federal securities laws".

"This first Cyber Unit case hits all of the characteristics of a full-fledged cyber scam and is exactly the kind of misconduct the unit will be pursuing", said Robert Cohen, the chief of the Cyber Unit.

According to an SEC statement, PlexCorps had raised as much as $15 million from the PlexCoin ICO, which began in August. For Lacroix, the SEC also seeks an officer-and-director ban and, for both Lacroix and Paradis-Royer, a ban from offering digital securities.

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The SEC's complaint charges Lacroix, Paradis-Royer and PlexCorps with violating the anti-fraud provisions, and Lacroix and PlexCorps with violating the registration provision, of the US federal securities laws.

Under the EU-wide plan, online platforms where cryptocurrencies are traded will be required to carry out due diligence on customers and report suspicious transactions.

The SEC is seeking a permanent injunction, a judgement ordering the defendants to disgorge the profits with interest and to pay financial penalties, the agency said. The SEC also requests that the court bar the PlexCoin ICO organizers from offering digital securities in the future.

Where the SEC actions becomes somewhat interesting is in terms of its global implications, with the PlexCoin and it's founder, Dominic Lacroix, described by the SEC as a "recidivist" securities law violator, being based in Quebec, Canada.

Lacroix was the target of another order by the Autorité des marchés financiers, Quebec's financial regulator earlier in July. Lacroix was further fined $25,000 by the Court of Quebec for illegal distribution, illegal practice and misrepresentations.

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