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Cryptoassets & Blockchain Legal News

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United States

Alleged Token Scammer targeted by the SEC

September 29, 2017 by Beatrice OZANNE

Two companies utilizing ICO as well as their founder Maksim Zaslavskiy have been charged by the US Securities and Exchange Commission (SEC) with alleged violating of federal securities laws.

The agency accuses Zaslavskiy of selling tokens backed by nonexistent assets in two separate sales – for Diamond Reserve Club World and REcoin Group Foundation. According to SEC, Zaslavskiy didn’t invest any of the raised funds in new personnel despite his claims of having a “team of lawyers, professionals, brokers, and accountants” behind the ICO.

Allegedly, he also claimed to have raised as much as 4 million USD while only rising 300,000 USD.

While the investigation continues, the businessman’s assets, as well as those of both the companies, have been frozen.

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