ICOs

SEC faces difficulties bringing PlexCoin ICO scammers to trial

The US Securities and Exchange Commission (SEC) has PlexCoin owners Dominic Lacroix and Sabrina Paradis-Royer in its sights for violation of securities laws.

PlexCoin is accused of deceptively raising $15 million through an Initial Coin Offering (ICO) promising investors 1,350% returns in only 29 days. The SEC first launched a case against Lacroix and Paradis-Royer in December 2017, accusing both of them of violation securities laws regarding the launch of the PlexCoin ICO in August of last year. The complaint was lodged at the New York Eastern District Court.

The SEC accused Lacroix, who they call “a recidivist securities law violator in Canada”, and his partner of “misappropriating” funds “illegally” through a “misleading, deceptive, and unregistered securities offering”.

Two lawsuits, no results

It has on two occasions sued Lacroix for securities fraud and has issued two asset freeze orders against him. Both PlexCoin associates have ignored a series of court orders regarding the “discovery, accounting and repatriation of assets”, says the SEC.

It has expressed concerns that the pair’s failure to comply with court orders means they are getting rid of the funds they raised illegally. The SEC told the court the defendants have demonstrated no intention to “participate meaningfully” in the ongoing case.

 

Olivier Acuña

Olivier has been writing for over 30 years. He has been based in six countries working for major news outlets including the Guardian, UPI & AP. He has covered massive earthquakes, presidential elections, immigration, and taken photos standing in the middle of shootouts between drug cartels, gone undercover to investigate organised crime, interviewed presidents, former presidents, heads of international organisations.

Disqus Comments Loading...

Recent Posts

Here is why Bitcoin is still a lucrative investment in 2024

Those who enter the market at this time may be surprised to hear that Bitcoin…

1 month ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

1 month ago

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

2 months ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

2 months ago