Feds Want At Least 2½ Years For ICO Fraudster

Law360 (May 16, 2019, 12:39 PM EDT) -- Federal prosecutors told a New York federal judge that a cryptocurrency entrepreneur should serve at least 2½ years in prison for issuing two fraudulent initial coin offerings in what is one of the first criminal cases to consider the applicability of federal securities laws to digital tokens.

Maksim Zaslavskiy, who pled guilty to conspiracy to commit securities fraud in November, asked the court earlier this month for probation for his fraudulent REcoin and Diamond Reserve Club coin offerings, which he had falsely claimed were backed by real estate and diamonds.

The government bristled at Zaslavskiy’s request for probation, claiming in its...

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