{"id":52826,"date":"2025-05-21T11:59:13","date_gmt":"2025-05-21T11:59:13","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-firm-unicoin-sued-for-fraud-by-sec-after-raising-100-million\/"},"modified":"2025-05-21T11:59:13","modified_gmt":"2025-05-21T11:59:13","slug":"crypto-firm-unicoin-sued-for-fraud-by-sec-after-raising-100-million","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-firm-unicoin-sued-for-fraud-by-sec-after-raising-100-million\/","title":{"rendered":"Crypto Firm Unicoin Sued for Fraud by SEC After Raising $100 Million"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against crypto investment firm Unicoin and four of its top figures, accusing them of deceiving thousands of investors through inflated claims and misleading financial information. The case centers around more than $100 million <strong><a href=\"https:\/\/igaming.org\/crypto\/nextgen-crypto-token-unicoin-raises-250-million-in-presale\/\">raised<\/a> <\/strong>via rights certificates tied to Unicoin tokens and stock.<\/p>\n<hr\/>\n<p><em><strong>Good to know<\/strong><\/em><\/p>\n<ul>\n<li><em><strong>The SEC says Unicoin overstated sales by nearly $3 billion.<\/strong><\/em><\/li>\n<li><em><strong>The firm allegedly claimed real estate backing that did not exist.<\/strong><\/em><\/li>\n<li><em><strong>Unicoin falsely marketed its products as SEC-registered.<\/strong><\/em><\/li>\n<\/ul>\n<hr\/>\n<p>The lawsuit, filed in Manhattan federal court, names Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former investment head Alex Dominguez. The SEC alleges the trio misled more than 5,000 investors, selling them certificates tied to Unicoin tokens with promises they would be backed by global real estate assets.<\/p>\n<p>Mark Cave, associate director of the SEC\u2019s Division of Enforcement, said, <em>\u201cThe real estate assets were worth a mere fraction of what the company claimed, and the majority of the company\u2019s sales of rights certificates were illusory.\u201d<\/em><\/p>\n<p>According to the SEC\u2019s complaint, the misleading statements began in 2022. Unicoin and its executives promoted the company as having vast real estate holdings and a strong financial position. However, the SEC claims the firm\u2019s real estate portfolio was minimal and that Unicoin had less than a year of financial runway\u2014sometimes just four months\u2014despite telling investors it had decades of funding.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong>5BTC or 111% + 111 Free Spins!<\/strong> <\/p>\n<p>New players only. Exclusive 111% Welcome Bonus + 111 Free Spins<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The agency also accused Unicoin of grossly inflating its sales figures. While Unicoin publicly claimed it had sold more than $3 billion in rights certificates, the SEC says the real total was only $110 million.<\/p>\n<p>Unicoin allegedly labeled its tokens and certificates as SEC-registered, which they were not. That misrepresentation, combined with exaggerated financial strength, formed the core of the SEC\u2019s charges.<\/p>\n<p>The Commission also charged Unicoin\u2019s general counsel, Richard Devlin, for his role. Devlin resolved the matter by agreeing to a $37,500 civil penalty without admitting or denying wrongdoing.<\/p>\n<p>The SEC is seeking permanent injunctive relief, the return of funds, and civil penalties. The outcome of the case could impact how future crypto-based offerings are marketed to U.S. investors.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/99257\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against crypto investment firm Unicoin and four of its top figures, accusing them of deceiving thousands of investors through inflated claims and misleading financial information. The case centers around more than $100 million raised via [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":52827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/52826"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=52826"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/52826\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/52827"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=52826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=52826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=52826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}