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SEC is ‘looking closely’ at companies that dabble in blockchain
The Securities and Exchange Commission has had it with companies throwing around words like crypto and blockchain in order to bump up their stock prices. There have been quite a few instances of that lately and the SEC says it will be looking more closely at public companies that suddenly shift their interests to cryptocurrencies or blockchain technology.
SEC Cyber Unit's first charges target cryptocurrency fraud
The Securities and Exchange Commission's new Cyber Unit has filed its first charges since being formed in September. The unit's case is being brought against a company called PlexCorps, its founder Dominic Lacroix and his partner Sabrina Paradis-Royer and the SEC claims that Lacroix and Paradis-Royer were actively defrauding investors. PlexCorps was engaged in an initial coin offering (ICO) -- which was selling securities called PlexCoin -- that had already raised around $15 million since August and it was fraudulently promising that investors would see a 13-fold profit in just under one month. The SEC obtained an emergency asset freeze to halt the ICO.
