ICO Superstore, Owners Settle SEC Broker-Dealer Charges

By Darcy Reddan (September 11, 2018, 4:49 PM EDT) -- The U.S. Securities and Exchange Commission said on Tuesday that initial coin offering "superstore" TokenLot LLC and its owners have agreed to settle claims that they acted as unregistered broker-dealers, which brings to an end the first charges brought as a result of the commission's 2017 report detailing that securities laws apply to digital assets.

The SEC said that TokenLot and its owners, Lenny Kugeland Eli L. Lewitt, touted the service as a way platform to purchase digital tokens during ICOs and also carry out secondary trading, but also generated profits from facilitating trades in violation of securities laws because of...

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!


Attached Documents

Related Sections

Government Agencies

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!