The SEC (Securities and Exchange Commission) said in an interview on Thursday that it has secured a court order against a company on accounts of the company claiming to have received a valid approval from the agency.
According to the Oct 11 statement, Reginald and Buddy Ringgold have made allegations that the ICO was given green signal by the regulators. They also claimed that they were using SEC seal without permission; which is a violation to federal law. They also claimed their crypto fund to be licensed and regulated.
Blockvest and Ringgold have been involved in several malpractices; they represented their connection with a well-known accounting firm and continued their fraudulent activities after notice from National Futures Association (NFA).
In June, Blockvest’s website referred to “receiving Reg A+ approval from the SEC,” and in April, they filed with the agency for the exempted sale of “BLV tokens” worth $100 million.
The U.S. District Court will witness the scheduled hearing on 11th Oct.
“We allege that this ICO is using both the SEC seal and made-up crypto regulatory authority to trick investors into believing the ICO was approved by regulators,” Robert Cohen, who leads the SEC Enforcement Division’s Cyber Unit, quoted. He also added, “SEC does not endorse investments products and investors should be highly skeptical of any claim suggesting otherwise.”
Source- Coin Desk
