Startup CEO Seeks To Shake SEC's $18M Crypto Fraud Claims

By Elise Hansen (January 21, 2022, 6:35 PM EST) -- A Massachusetts man accused of illegally selling $18 million in cryptocurrency tokens hit back against the U.S. Securities and Exchange Commission's allegations, saying the agency didn't show the tokens were securities.

Steven Sprague, CEO of Cayman Islands company Rivetz International and its parent company, Rivetz Corp., was accused last year of conducting an unregistered securities offering, called RvT tokens, and then giving himself a bonus and buying a house in the Cayman Islands. According to SEC officials, the tokens were sold to capitalize Rivetz, but didn't have a functional use at the time and were touted as investments that could appreciate in value....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!