The US SEC halts one of the largest 'ICOs' ever
By MYBRANDBOOK
The U.S. Securities and Exchange Commission (SEC) has received a court order for freezing the assets of a Texas-based initial coin offering (ICO) that claimed to have raised more than $600 million.
The agency froze crypto assets including Bitcoin, dogecoin and litecoin among others and appointed a receiver to return investor cash.
The order filed in federal court in Dallas halts AriseBank from raising any additional cash from investors, according to a statement from SEC. The agency alleges Jared Rice, 29, illegally raised funds from individual investors beginning in November without registering with regulators, according to the complaint. Also accused in the case is co-founder Stanley Ford, 45, who lives in Dubai.
“This is the first time the commission has sought the appointment of a receiver in connection with an ICO fraud,” said Steve Peikin, co-head of SEC enforcement said in a statement. “We will use all of our tools and remedies to protect investors from those who engage in fraudulent conduct in the emerging digital securities marketplace.”
The asset freeze is the biggest action yet for the agency trying to regulate a market that’s raised billions from a range of investors. The regulator has been sounding the alarm about the offerings, which are most likely securities that must be registered to comply with U.S. securities laws.
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