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US SEC Charges Man With Defrauding Crypto Investors in Two Digital Asset Securities Offerings

Cryptocurrency

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US SEC Charges Man With Defrauding Crypto Investors in Two Digital Asset Securities Offerings

US SEC Charges Man With Defrauding Crypto Investors in Two Digital Asset Securities Offerings

The U.S. Securities and Trade Fee (SEC) has charged a citizen of Latvia with defrauding traders in two crypto choices. The fraudster “used faux names, fictitious entities, and fraudulent profiles to perpetrate his schemes, and misappropriated practically the entire investor funds that have been raised.”

Two Fraudulent Crypto Schemes

The SEC introduced Thursday that it has “charged a Latvian citizen with defrauding a whole lot of retail traders out of at the least $7 million by way of two separate fraudulent digital asset securities choices.”

Noting that Ivars Auzins defrauded U.S. and international traders, the securities watchdog defined:

Auzins allegedly used faux names, fictitious entities, and fraudulent profiles to perpetrate his schemes, and misappropriated practically the entire investor funds that have been raised.

His first scheme ran from January by way of March 2018. “Auzins fraudulently provided and offered unregistered digital tokens as a part of an ICO [initial coin offering] of Denaro, a purported multi-currency debit card platform,” the SEC detailed.

The criticism alleges that “the entire claimed services or products being provided have been fictitious, together with the connection with the bank card issuer,” noting that “Auzins misappropriated the entire ICO’s proceeds.”

His second scheme ran from April by way of July 2019. “Auzins fraudulently provided the unregistered securities of Innovamine, which purportedly provided a cloud mining program,” the SEC described, including that he “misappropriated practically the entire funds raised in the providing.”

The securities regulator detailed:

As we allege, Auzins was engaged in a brazen scheme to defraud retail traders below the guise of worthwhile digital asset alternatives.

The Latvian citizen is charged with “violating the antifraud and registration provisions of the federal securities legal guidelines.” The SEC “seeks everlasting injunctions, together with conduct-based injunctions, disgorgement plus prejudgment curiosity, civil penalties, and an officer-and-director bar in opposition to him.”

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