SEC Says Crypto Wizard Bilked $15M From Investors

Law360 (August 12, 2019, 9:13 PM EDT) -- The U.S. Securities and Exchange Commission filed an "emergency action" against self-styled cryptocurrency guru Reginald Middleton and his Veritaseum Inc. on Monday, alleging he stole millions by promising investors he was on the verge of bringing in "quadrillions" of dollars and putting "brokers, banks and hedge funds" out of business for good.

The SEC said Middleton, who lives in Brooklyn, New York, took in roughly $15 million over the course of 2017 and 2018 by selling "Veri Tokens," the cryptocurrency that Veritaseum exists to support.

The agency said Monday's action is intended to stop Middleton and his company from spending or...

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