Alleged ICO Fraud Highlights Compliance Considerations

Law360 (July 13, 2020, 5:14 PM EDT) -- In late June, a San Francisco grand jury handed up a federal criminal indictment of Rowland Marcus Andrade, chief executive of Nevada-based digital currency issuer NAC Foundation LLC, on charges of wire fraud and money laundering tied to a digital currency offering in 2017 and 2018.[1]

Once Andrade was in custody, by information, the U.S. Attorney for the Northern District of California charged Jack Abramoff, a once-esteemed political lobbyist turned convicted felon since 2006, with conspiracy to commit wire fraud through his assistance marketing the offering, and, unrelatedly, with criminal failure to register as a lobbyist under the Lobbying Disclosure Act.[2]...

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