After years of lawsuits from US governing bodies, Blockvest, the first coin offer in 2018, or ICO, received its final orders.
“The Securities and Exchange Commission, as a government body, demands a permanent injunction, dismissal of funds from the defendant’s illegal conduct and civil penalties,” the court document, filed Thursday. The lawsuit is being filed against both Blockvest and founder Reginald Buddy Ringgold III, also known as Rasul Abdul Rahim El.
The Securities and Exchange Commission slowed down Blockvest in October 2018. Over the next two years, a number of legal challenges and changes arose. Today’s news ends the saga.
The SEC justification for permanent injunction Blockvest and Ringgold knew that their actions were wrong, but continued ICO anyway and covered everything they could during the trial. Ringgold did not register the sale of tokens with the SEC, but stated otherwise:
“The respondent erroneously stated that the original coin offer was ‘registered’ and ‘approved’ by the SEC and used the SEC logo,” the document states.
Defendant also erroneously claimed to be affiliated with the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).
In addition, the document identifies other offenses as inventions:
A fake regulatory agency, the Blockchain Exchange Commission (BEC), which has created its own fake government seal, logo and mission statement, which is almost identical to the seal, logo, mission statement from the SEC and uses the same address as the SEC. headquarters. ”
Blockvest and Ringgold are required to pay several compensations, including the return of the capital that the participants contributed to the offer. According to the document, tax payments, interest and penalty fees are $ 696,097.90. Defendants must also comply with a number of restrictions and conditions.