The U.S. Securities and Exchange Commission (SEC) announced today that it has filed charges against two organizers of a $15 million ICO (initial coin offering ).

Dominic Lacroix and Sabrina Paradis-Royer of Quebec and company named PlexCorp, have been charged with violating U.S. securities laws and defrauding investors.

PlexCoin was self-promoted as "the next decentralized worldwide cryptocurrency" and the ICO in reference.

The SEC also obtained an emergency asset order, citing the movements of the ICO funds – estimated to constitute $15 million "from thousands of investors" – into different accounts.

The charges were filed by the SEC's Cyber Unit that was created in September for this exact kind of activity monitoring.

"This first Cyber Unit case hits all of the characteristics of a full-fledged cyber scam and is exactly the kind of misconduct the unit will be pursuing. We acted quickly to protect retail investors from this initial coin offering's false promises," Robert Cohen, who heads the Cyber Unit.

The agency claims Lacroix and Paradis-Royer made false statements to investors and purposefully hid the involvement of Lacroix who the SEC claims is a "recidivist securities law violator in Canada."

The complaint charges Lacroix, Paradis-Royer and PlexCorps with violating the anti-fraud provisions, and Lacroix and PlexCorps with violating the registration provision, of the U.S. federal securities laws.  

The complaint seeks permanent injunctions, disgorgement plus interest and penalties. For Lacroix, the SEC also seeks an officer-and-director bar and a bar from offering digital securities against Lacroix and Paradis-Royer.



Algei

[alert icon="info-circle" title="Editors Note"]You learn more about the charges and can read the entire SEC press release on their website. [/alert]
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