Bitcoin
BTC$69 876.08

-0.73%

Ethereum
ETH$3 518.54

-1.51%

Tether
USDT$1.000185

0.03%

Binance Coin
BNB$606.51

2.75%

Solana
SOL$183.85

-1.84%

XRP
XRP$0.610516

-1.87%

SEC Lays Charges Against Fantasy Market


26 Sep 2019

SEC Lays Charges Against Adult Entertainment Site Founder Over Illegal ICO


Another crypto related business has come into the US Securities and Exchange Commission’s crosshairs. The regulator has pressed charges against Jonathan Lucas, the founder of Fantasy Market. The platform is said to be an online marketplace for adult entertainment.

Fraudulent ICO leads to SEC charges


A press release from the SEC says that Lucas conducted an illegal ICO in August 2017. During this ICO, Fantasy Market attracted $63,000 from over 100 investors. After the ICO, it turned out that the purported adult entertainment marketplace was non-existent and that the investors had been duped. Lucas released a whitepaper which contained false information about the non-existent platform and was designed to mislead potential investors into purchasing the tokens.

Lucas went on to tell investors that a working beta version of the adult entertainment platform existed when it did not. He created a fake management team to convince investors that a legitimate firm had been set up and was running. Lucas presented false information about his experience in the business, leading investors to believe that they were working with one of the best in the industry.

Several investors lodged complaints with relevant regulatory authorities, and this brought the issue to the media’s attention. Pressure from the media, investors, and regulators resulted in Lucas returning funds to the investors who had bought tokens during Fantasy Market’s ICO. Although the funds have been returned, the SEC is proceeding with its case against Lucas.

SEC penalties against Lucas


After the SEC made its case against Lucas, the accused chose not to deny or accept the allegations being leveled against him. Instead, Lucas opted to the entry of a final judgment. This judgment will likely impose permanent injunctions from violations of the provisions from which charges have been derived.

When the court hands down its judgment, Lucas will be expected to pay a civil penalty of $15,000. Accompanying the penalty will be a ban from participating in any illegal securities offerings. Given that most ICOs are viewed as illegal securities offerings in the US, Lucas’ participation in any ICO may place him on the SEC’s radar again.

SEC battle against illegal token offerings


Over the course of this year, the SEC has stepped up its efforts to combat token offerings that violate securities laws. Several American citizens have lost billions of dollars to ICO scams, and the regulator is intent on ensuring that fewer people fall victim to these fraudulent schemes.

A few weeks ago, the SEC charged a crypto marketing firm named ICOBox for running an illegal ICO worth $14 million. The regulatory body claims that ICOBox sold unregistered securities thought its digital token offering. ICOBox helped many other crypto firms to run ICOs of their own and the SEC is charging the firm for operating as an unregistered broker. ICOBox reportedly helped other crypto related companies raise over $650 million through ICOs.

Kik Interactive has also recently come under scrutiny from the SEC. The SEC alleges that Kik illegal sold securities during its ICO for its crypto-asset called Kin. Kik denies the allegations and has opted that the matter is taken to court.

Author: Ali Raza for Crypto-Rating.com

Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Is a forex hedging strategy effective?
Is a forex hedging strategy effective?
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Can ChatGPT trade better than humans?
Can ChatGPT trade better than humans?
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
How to Trade with ChatGPT. Tips and Tricks of AI Trading
How to Trade with ChatGPT. Tips and Tricks of AI Trading
Mastering stop loss for indices trading: 5 essential strategies
Mastering stop loss for indices trading: 5 essential strategies
Introducing Exness Team Pro - The voice of the markets
Introducing Exness Team Pro - The voice of the markets

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.2% 42 $69 876.08 -0.73% 5.59% $1 374 273 013 911 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76.8% 50 $3 518.54 -1.51% 0.22% $422 473 613 366 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000185 0.03% 0.01% $104 523 618 020 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64% 81 $606.51 2.75% 3.96% $90 695 193 363 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 60.8% 88 $183.85 -1.84% 2.48% $81 702 403 548 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 83.6% 27 $0.610516 -1.87% -3.83% $33 507 724 771 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 90.4% 2 $0.999970 -0.02% -0.01% $32 490 169 862 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 68% 66 $0.209888 5.10% 28.84% $30 153 031 924 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 70.4% 66 $0.638195 -1.75% -0.36% $22 709 265 386 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 58.4% 87 $53.20 -2.95% -4.74% $20 079 936 302 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.8% 94 $0.000030 -1.14% 8.76% $17 930 876 259 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 60.4% 87 $4.78 -3.12% 7.52% $16 596 027 613 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 73.2% 49 $9.37 -2.39% 0.76% $13 373 754 540 DOT 7 days price change
14 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 68.8% 58 $574.59 3.29% 38.32% $11 309 146 535 BCH 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 75.2% 42 $18.77 -3.67% 1.94% $11 018 453 562 LINK 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.