Ah, the grand spectacle of the U.S. Securities and Exchange Commission, a veritable titan of justice, has decided to take a swing at the cryptocurrency jester known as Unicoin Inc. and its merry band of executives. They stand accused of pulling off a heist that would make even the most seasoned con artist blush—defrauding investors to the tune of over $100 million! 🎭💸
In a complaint filed on the 20th of May in the illustrious Southern District of New York, the SEC has painted a rather unflattering portrait of Unicoin’s leadership. CEO Alex Konanykhin, board member Maria Silvina Moschini, and former chief investment officer Alex Dominguez are all implicated in this grand charade, accused of spinning tales about “rights certificates” linked to a future token, Unicoin. Oh, the audacity! 😲
These certificates were marketed as if they were golden tickets, asset-backed instruments tied to a multi-billion-dollar real estate and pre-IPO equity portfolio. But lo and behold! The SEC claims the actual assets were worth a mere pittance compared to the grandiose claims. Talk about a classic case of “all hat and no cattle!” 🐄
Among the real estate deals that Unicoin flaunted like peacocks strutting their feathers, many never even closed. The combined value of these elusive treasures was estimated at a paltry $300 million. Quite the letdown for those dreaming of riches! 🌴🏠
And what of Unicoin’s claims of raising over $3 billion from investors? The SEC begs to differ, asserting that the actual sales were closer to $110 million, gathered from a mere 5,000 investors worldwide. A far cry from the promised fortune! 📉
To add insult to injury, Unicoin had the audacity to claim its offerings were SEC-compliant or “U.S. registered,” despite the fact that these certificates were never officially registered. It’s like claiming to be a chef while serving instant noodles! 🍜
Moreover, Unicoin is accused of distributing tokens via airdrops without verifying investor accreditation. CEO Konanykhin allegedly sold nearly 38 million certificates to investors who were previously excluded, all in a desperate bid to keep the company afloat. Talk about bending the rules! 🤹♂️
Unicoin’s general counsel, Richard Devlin, has also found himself in hot water for his role in this circus but has already settled with the SEC. Without admitting any wrongdoing, he agreed to pay a fine of $37,500 and accepted a permanent injunction. A small price to pay for a ticket to this wild ride! 🎢
The SEC is now seeking civil penalties, disgorgement of funds, and executive bans against the remaining defendants. In a twist of fate, Konanykhin has denied the charges and vowed to fight back in court, claiming the SEC’s actions have harmed the company and thwarted vital fundraising opportunities. A true David versus Goliath tale! ⚔️
Despite the winds of change blowing towards more crypto-friendly policies under the Trump administration, the SEC remains steadfast in its pursuit of justice in cases it deems to involve clear fraud. The show must go on! 🎬
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2025-05-21 09:25