Abramoff-Linked Crypto Firm Seeks Nix Of SEC Fraud Suit

Law360 (October 20, 2020, 6:15 PM EDT) -- The developer of an "anti-money laundering" digital token has told a federal judge in San Francisco that it shouldn't have to face U.S. Securities and Exchange Commission fraud claims because the federal regulator had overlooked key "inconvenient facts" when it launched a suit concerning the company's sales pitch.

In a bid Monday to end the SEC's suit against them, defendants NAC Foundation LLC and its chief executive, Rowland Marcus Andrade, told U.S. District Judge Richard Seeborg that the written offering and sales terms for NAC's digital currency "AML BitCoin" showed that "the SEC has no case" and the suit should be...

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