The US Securities and Exchange Commission (SEC) has submitted an official civil action case document seeking the disgorgement of ill-gotten gains plus interest for the alleged unregistered ICO sale of Opporty (OPP) tokens.
SEC filings allege that 35-year-old Grybniak from Brooklyn, New York failed to file a registration statement with the SEC for Opporty’s ICO sale, nor were investors made aware of the operational and financial risks of investing in the project.
Grybniak is believed to be the sole operator and executive of Opporty.
He is said to have sold the unlicensed securities, called OPP tokens, to approximately 200 American investors, raising $600,000 from the sale.
SEC officials also allege that Grybniak made deliberately misleading statements to investors.
The SEC statement reads:
“The defendants promoted and marketed Opporty’s ICO of OPP tokens and raised the $604,000 in offering proceeds by making material misrepresentations and omissions to investors and engaging in other deceptive conduct during the offering.”
Officials allege that Opporty falsely claimed that it had partnered with a major software company, using its logo and trademarked images in its marketing materials without the company’s knowledge.
Likewise, the SEC claims that Grybniak and Opporty had told investors in official documentation that the ICO sale had already been registered with the SEC and was “100% compliant” with federal securities laws.
The SEC is now seeking the return of the full $600,000 Grybniak raised through Opporty and his permanent ban from acting as an officer or director of any US public company.
Nowhere to hide?
Other cases so far this year have included action against ICOBox founder Nikolay Evdokimov for his role in an alleged $14 million unregistered ICO, and charges against two cryptocurrency fraudsters from Canada for their role in an alleged $30 million ICO scam.
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