In August police conducted searches in the offices of the South Korean company Shinil Group on charges of fraud. Earlier the firm announced it had found the sunken Russian cruiser “Dmitry Donskoy” of gold on Board worth billions of dollars. After that, the company offered investors to invest in the extraction of wealth from the bottom.
Now the Commission on securities and stock exchanges of the USA (SEC) has imposed on the former Director of Tomahawk oil company Exploration LLC David Laurens two lifetime ban on the right to occupy managerial positions and a fine of 30 thousand dollars for fraud in the ICO. Writes about this Bitcoin News.
How to detect fraud in the ICO
In the Commission’s view, Laurence spent the ICO project Tomahawk, which called his company by the lessee of several oil fields in California. Owners of tokens Tomahawkcoin the businessman promised a share in the Tomahawk and the percentage of profits received from the sale of oil produced.
SEC accuses businessman in distributing promotional materials, information which is not true, and misleading investors. In addition, Lawrence described himself as a man with an impeccable reputation, however, has previously been convicted of fraud.
The publication notes that this case was the first in U.S. history, when the SEC banned the head of a public company to take leadership positions throughout life. Lawrence himself declined to comment on details of the case, adding that he would not appeal the decision of the Commission.
It seems that not all dishonest ICO end up buying lamb for the organizers. Have you ever had to deal with such? Share your answers in cryptodata.
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