{"id":131401,"date":"2020-12-12T01:23:05","date_gmt":"2020-12-11T22:23:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-lands-700k-victory-in-another-ico-court-case\/"},"modified":"2020-12-12T01:23:05","modified_gmt":"2020-12-11T22:23:05","slug":"sec-lands-700k-victory-in-another-ico-court-case","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-lands-700k-victory-in-another-ico-court-case\/","title":{"rendered":"# SEC lands $700K victory in another ICO court case"},"content":{"rendered":"

“# SEC lands $700K victory in another ICO court case
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\nAfter years of legal action from United States governing bodies, Blockvest, a 2018 initial coin offering, or ICO, has received its final orders.\u00a0<\/p>\n

\u201cThe SEC, as a government agency, seeks a permanent injunction, disgorgement of funds received from Defendants\u2019 illegal conduct, and civil penalties,\u201d said<\/a> a court document filed on Thursday. The court case takes aim at both Blockvest, and its founder, Reginald Buddy Ringgold III, also known as Rasool Abdul Rahim El. <\/p>\n

The Securities and Exchange Commission\u00a0put the brakes on Blockvest in October 2018. The following two years saw a number of legal dealings and developments. Today\u2019s news<\/a> brings the saga to a close. <\/p>\n

The SEC\u2019s rationale for permanent injunction claims Blockvest and Ringgold knew their actions were wrong, but proceeded with the ICO anyway, covering up what they could during legal proceedings. Ringgold had not registered the token sale with the SEC but claimed otherwise:\u00a0<\/p>\n

\u201cDefendants misrepresented that the initial coin offering was \u2018registered\u2019 with and \u2018app<\/a>roved\u2019 by the SEC and used SEC\u2019s logo,\u201d the document detailed. <\/p>\n

The defendants also falsely claimed connections to the Commodity Futures Trading Commission, or CFTC, and the National Futures Association, or NFA. <\/p>\n

Additionally, the document lists other offenses, such as inventing:<\/p>\n

\u201cA fictitious regulatory agency, the Blockchain Exchange Commission (\u2018BEC\u2019), creating its own fake government seal, logo, and mission statement that are nearly identical to the SEC\u2019s seal, logo, mission statement as well as using the same address as the SEC\u2019s headquarters.\u201d<\/p><\/blockquote>\n

Blockvest and Ringgold must pay multiple sums of compensation, including refunding the capital that participants put toward in the offering. Disgorgement payments, interest and civil penalties come out to a cost of $696,097.90, as per the document. The defendants must also abide by a number of restraints and conditions.\n<\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# SEC lands $700K victory in another ICO court case ” After years of legal action from United States governing bodies, Blockvest, a 2018 initial coin offering, or ICO, has received its final orders.\u00a0 \u201cThe SEC, as a government agency, seeks a permanent injunction, disgorgement of funds received from Defendants\u2019 illegal conduct, and civil penalties,\u201d…<\/p>\n","protected":false},"author":1,"featured_media":131402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/cd078adf-5f8c-47aa-898c-78035604ec0f.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75036,74898,71433,70934,67874],"class_list":["post-131401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ico","tag-sec","tag-court","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/131401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=131401"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/131401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/131402"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=131401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=131401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=131401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}