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....

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