SEC Halts Fraudulent ICO that Falsely Claimed Regulatory Approval

[Bicon]

The U.S. Securities and Exchange Commission (SEC) announced on Thursday that it had obtained an emergency court order to halt an initial coin offering (ICO) that fraudulently claimed to have SEC approval.

According to the complaint, which was filed under seal on Oct. 3, Blockvest LLC and its founder — Reginald Buddy Ringgold, III, aka Rasool Abdul Rahim El — told prospective ICO investors that the company had “registered” with the SEC and had been “approved” by the agency, along with other regulators. That, along with other claims that Blockvest made, was not true.

https://www.ccn.com/sec-halts-fraudulent-ico-that-falsely-claimed-regulatory-approval/

[posi]

I'm glad to hear this and it will be more better if the US SEC could stop others scam and fake ICOs out there because they are the reason why most ICOs investors are not investing into ICO this days and this is affecting the genuine ICOs.

[elwiswoodie]

I'm glad to hear this and it will be more better if the US SEC could stop others scam and fake ICOs out there because they are the reason why most ICOs investors are not investing into ICO this days and this is affecting the genuine ICOs.

That's right, since many of the ICOs that SCAM in 2018, the majority of investors have fled to other business models. There is no longer a project that can achieve hardcap in 2018, it is because of the many projects with the usual quality, and the team that is also normal, whereas what is needed by all of us is a unique and useful project in the future, thus, the business model will be able follow by itself

[ngm22585]

Not surprising...should see more of this.

[cryptohunter]

The sec is going to retroactively shut a lot of ico's down in the future.

Wait until some get large enough to get their attention.

I have reduced my ico projects to a very small few that are clearly no longer or were never in violation of sec rules.

Those icos that have a 50% or larger pow period will probably be okay

[Perfect35]

I can't imagine people claiming to have approval or partnership with any body or organization and using that to sell their tokens to investors. This is a fraudulent act to the core and it should be frowned at. I am even glad that SEC has taken the appropriate action on it.
I came across a project of this nature, but findings are still being made. Some things are just uncalled for.

[sotovid]

I think that this is correct, it is necessary to organize some measures to eliminate fraudsters, but for the time being they are not the problem, but investors, of which there are very few in the market.

[Endikadija]

I'm glad to hear this and it will be more better if the US SEC could stop others scam and fake ICOs out there because they are the reason why most ICOs investors are not investing into ICO this days and this is affecting the genuine ICOs.

Not sure about that but it looks like SEC has been giving subpoena all of icos that based in USA. that means they don't care about if that was a good or bad ico. They are taking a conclusion about the majority of them don't have an official license from the US regulators and that's why they should be banned by SEC dude,

[Dimm_bounty13]

The U.S. Securities and Exchange Commission (SEC) announced on Thursday that it had obtained an emergency court order to halt an initial coin offering (ICO) that fraudulently claimed to have SEC approval.

According to the complaint, which was filed under seal on Oct. 3, Blockvest LLC and its founder — Reginald Buddy Ringgold, III, aka Rasool Abdul Rahim El — told prospective ICO investors that the company had “registered” with the SEC and had been “approved” by the agency, along with other regulators. That, along with other claims that Blockvest made, was not true.

https://www.ccn.com/sec-halts-fraudulent-ico-that-falsely-claimed-regulatory-approval/

Today it has come to me that I hate the news about sec! Why should the world suffer because of a shitty department?! Leave this market in peace, let it be wild and cruel! People must know that there they might lose their money at any moment! It'll be a natural selection for strong projects and smart investors!

[Badboy[BTC]]

H is high time to embark on projects that do not fulfill their obligations to investors, I already have a few projects on which we can safely write the complaint because the projects have collected the money and did not want to do. It is necessary to take some kind of action to fraud was less

[tycsols]

That is very positive development for me, i mean we do need some regulator or authority that can interfere and stop such fraudsters that hide under the cover of ico but there sole intention is to scam innocent people they comeup with fake or copy cat projects and market them online and attract funds, it is great to know that some authority has finally grasped some of the culprits, we need to wipe out scammers from crypto and ico space to realize the dream of mass adoption.

[Kiefner]

I think that it will be isolated cases of exposure of fraud, and that, it only because this project claimed that it was approved by the SEC.