SEC And DOJ Actions Target Crypto Fraud Schemes, Criminal Enterprises

A recent press release by the U.S. Securities and Exchange Commission (SEC) announced that the SEC has charged Unicoin Inc. and three of its executives "for false and misleading statements in an offering of certificates that purportedly conveyed rights to receive crypto assets called Unicoin tokens and an offering of Unicoin, Inc.'s common stock." According to the press release, the SEC alleges Unicoin and its executives "exploited thousands of investors with fictitious promises that its tokens, when issued, would be backed by real-world assets including an international portfolio of valuable real estate holdings," when in fact "the real estate assets were worth a mere fraction of what the company claimed, and the majority of the company's sales of rights certificates were illusory."