SEC Charges Fantasy Market Founder With Orchestrating A Fraudulent ICO

The United States Securities and Exchange Commission (SEC) has charged Jonathan C. Lucas, the foundation father of grownup leisure market Fantasy Market, with orchestrating a dishonest preliminary coin providing (ICO).

According to the SEC complaint discovered on Sept. 23, Lucas innate round $63,000 in cryptocurrency from greater than 100 traders “through the dishonest offer and sale of unregistered digital securities of Fantasy Market.” The doc states:

“As alleged in the complaint, Lucas made many materially false statements in a whitepaper and online to induce investors to participate in the ICO. Among other alleged misstatements, Lucas claimed that a “working-beta” version of the company’s adult-entertainment platform existed when one did not, given a fictitious direction team, and twisted his own experience. After garnering media attention over investor complaints, the complaint states, Lucas returned the finances raised to investors.”

A civil penalization of $15,000

The SEC’s suit was filed inside the Manhattan federal district court docket. It is said that Lucas has profaned a number of securities legal guidelines associated to countering fraud. It can also be famed that Lucas has consented, with out admitting or denying the allegations inside the grievance, and was ordered to pay a civil penalization of $15,000.

As Cointelegraph according lately, Canadian social media firm Kik determined to downsize and close its courier as a result of agency’s have to handle assets in a authorized battle with the SEC.

SEC Charges Fantasy Market Founder With Orchestrating A Fraudulent ICO

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Patricia Bakely

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