SEC Halts ICO, Says Company Faked Regulatory Approval

Law360 (October 11, 2018, 4:37 PM EDT) -- The U.S. Securities and Exchange Commission has blocked an upcoming initial coin offering after alleging in California federal court that the company behind it falsely claimed it received regulatory approval from not only the SEC but also a fictitious agency called the Blockchain Exchange Commission.

In a complaint filed on Oct. 3 but was kept under wraps until it was served on Wednesday, the SEC accused Blockvest LLC and founder Reginald Buddy Ringgold III of fraudulently attempting to raise money through the sales of their digital tokens, dubbed BLV, on what they purport to be the "first licensed and regulated tokenized [cryptocurrency]...

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