SEC Seeks $16M From No-Show Crypto Startup Incubator

Law360 (January 10, 2020, 6:50 PM EST) -- The U.S. Securities and Exchange Commission asked a California federal judge on Thursday to enter a $16 million default judgment against a digital asset startup incubator accused of violating securities laws.

ICOBox has yet to respond to the SEC's September enforcement action accusing it of acting as an unregistered broker when it helped more than 30 clients raise $650 million in token sales, and for conducting an unregistered sale of securities with its own initial token offering for so-called "ICOS" tokens.

The Los Angeles company hauled in roughly $14.6 million with the sale of ICOS. The SEC is now asking for...

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