SEC accuses cryptocurrency company Unicoin and its executives of raising over $100 million through fraudulent means

According to Foresight News, the US Securities and Exchange Commission (SEC) has accused Unicoin and its executives of committing $100 million in fraud by making false and misleading statements regarding the issuance of certificates promising to acquire rights to cryptocurrency assets and stocks. The SEC stated that Unicoin deceived thousands of investors by promising that its token issuance would be backed by real-world assets, including an international investment portfolio containing high-value real estate assets whose actual value was only a "small fraction" of the company's claimed value. The SEC accuses Unicoin of promoting its token certificates to the public through various promotional activities, including placing advertisements at major airports and thousands of taxis in New York City. The organization and its executives have convinced over 5000 investors to purchase these token certificates. The SEC has implemented permanent injunctions against Unicoin executives, recovered ill gotten gains and anticipated interest, imposed civil penalties, and prohibited Konanykhin, Moschini, and Dominguez from serving as executives and directors. Foresight News previously reported that crypto investment company Unicoin received a Wells notice from the US SEC in December last year.