A resident of Massachusetts and an organizer of an initial coin offering (ICO) has been charged with violating securities and business laws by the states Securities Division.
The plaintiff, Kirill Bensonoff and his company, Caviar have, allegedly, offered unregistered securities in the form of “caviar” tokens. The plaintiff then planned to use the gathered funds to “flip” properties and continue investing in cryptocurrencies.
According to the filing, Caviar tokens were a “textbook example of a conventional security” even though the firm claimed they weren’t. Furthermore, despite the fact that the company’s website noted that the tokens would be available only to non-us residents, a least two American residents purchased “Caviar”.Tags: ICO
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