Cryptocurrency Fraudster Gets 1½ Years For ICO Scheme

Law360 (November 18, 2019, 5:59 PM EST) -- Cryptocurrency entrepreneur Maksim Zaslavskiy was sentenced to a year and a half in prison Monday for issuing two fraudulent initial coin offerings in what was one of the first criminal cases to consider the applicability of federal securities laws to digital tokens.

The Brooklyn businessman, who pled guilty to conspiracy to commit securities fraud in November 2018, asked the court in May for probation for his fraudulent REcoin and Diamond Reserve Club coin offerings, which he had falsely claimed were backed by real estate and diamonds, while federal prosecutors had pushed for a minimum sentence of 2½ years.

"Zaslavskiy committed an...

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