SEC indicts 3 other defendants in $ 30 million ICO fraudulent case

The US Securities and Exchange Commission (SEC) has published notification has just accused three other defendants in ongoing proceedings against Boaz Manor and Edith Pardo of raising $ 30 million for an allegedly fraudulent ICO offer.

The lawsuit against Manor and Pardo along with their companies includes CG Blockchain and BCT. The SEC did accusations that the two hid Manor’s true identity by using pseudonyms and disguising their looks, growing beards and coloring their hair to hide their past as convicted criminals.

Manor and Pardo raised $ 30 million from investors for BCT’s product, a blockchain-based alternative to Bloomberg Terminal.

The SEC’s new indictments against Ali Asif Hamid, Michael Gietz and Cristine Page, all three of whom held senior positions at ICOs. According to an SEC statement, the three are accused of selling unregistered securities and helping Manor hide a criminal history as well as soliciting investors.

This is one of a number of cases filed by the SEC against fraudulent ICOs after the 2017 ICO boom and bankruptcy.

So far, only Cristine Page has agreed to the court ruling, which includes permanent injunctions, digital asset management she received in connection with the ICO, and a civil penalty of $ 192,768.

In April 2020, the U.S. Attorney’s Office for the New Jersey District ordered the SEC to suspend the civil lawsuit against Manor and Pardo while criminal proceedings were being initiated against them. The SEC did not object to the move.

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According to Coindesk

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