General

SEC Charges 2 With Fraudulent Water-Backed Token Sale

The U.S. Securities and Exchange Commission charged a former Texas pastor and his partner for allegedly defrauding a hatful of buyers by means of an basic water-backed cryptocurrency, TeshuaCoin.

Larry Donnell and Shuwana Leonard had been charged Friday with defrauding buyers by allegedly stealing much $500,000 inside the sale of phony inventory certificates and shilling an basic water-backed cryptocurrency and a non-existent bitcoin mining operation.

The Leonards are accused of particularly focusing on the African-American group on this alleged scheme. Their firms, Teshua Business Group and Teshuater, are in addition named as defendants.

The Leonards allegedly tried to promote phony inventory of their basic water bottle firm, Teshuater, which they expressed would yield “short-term investment returns of up to 3,000 percent” supported the criticism. This raised $291,044.07.

Larry Leonard can also be accused of shilling Teshuater’s “fully functioning cryptocurrency,” TeshuaCoin.

The criticism says he in contrast TeshuaCoin’s usability to bitcoin (BTC) and touted its “unique” attribute – it was backed by Teshuater’s bottled basic water. The SEC alleges TeshuaCoin was not really backed by Teshuater. Leonard allegedly raised $170,395.20 out of his goal $20 million by means of this scheme.

Leonard allegedly stole a further $25,544.96 from buyers in Teshuater’s non-existent bitcoin mine. The SEC expressed he didn’t disclose the speculative nature of bitcoin mining and not by a blame sight really invested the taken monetary system imagination inside the mine.

Along the best way, the couple is alleged to have taken $486,984.28 from 500 whole buyers.

Disclosure Read More

The chief in blockchain information, CoinDesk is a media outlet that strives for the very best print media requirements and abides by a strict set of editorial insurance policies. CoinDesk is an impartial working subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

SEC Charges 2 With Fraudulent Water-Backed Token Sale

Your Opinion Matters

Quality - 10

10

Total Score

Your feedback is important to us to improve our services. We constantly seek feedback to improve and evolve our service, whilst identifying opportunities to assist clients in realising their business objectives.

User Rating: 4.25 ( 4 votes)

Show More

Patricia Bakely

Earn Free Bitcoin Online with BTCpeek.com

Related Articles

Leave a Reply

Back to top button
Close
Close