The US Securities and Exchange Commission has requested a record court order against three companies and four individuals linked to the alleged fake artwork and the gold-backed cryptocurrency Meta 1 Coin.

On November 18, the Securities and Exchange Commission issued a consolidated ruling after the defendants failed to appear in their case, although they had previously communicated with both the court and the legal representative. The defendants are the Meta 1 Coin Trust, the Clear International Trust, and the Ironheart Trust, as well as personnel of Robert Dunlap, Nicole Baudler, Wanda Traversy Warner and Alfred Warner Jr.

They are accused of defrauding at least 500 investors around the world out of the $ 9 million in cryptocurrencies that Meta 1 Coin allegedly provided fraudulently as backed by either $ 1 billion in synthetic assets or $ 2 billion in gold.

According to a lawsuit filed by the Securities and Exchange Commission in March, there has never been a collection of art, gold reserves, or even cryptocurrencies, and investors’ money has been spent on personal spending.

“The defendant lured investors in cryptocurrency, but the securities offering is nothing more than a way to steal investors’ money.”
Meta 1 has reportedly told investors that the coins purchased in the first IPO will range in price from $ 22.22, or $ 44.44 to $ 50,000 every two years.

The complaint also indicated that Baudler had claimed to have psychic abilities when he tried to ask potential investors.

The SEC is seeking civil penalties, layoffs, and permanent court warnings against four individuals and three companies. Assistant Defendant Bramana Capital Inc. and owner Peter Chamon are not involved in the movement and remain in business.

Braman allegedly received $ 1 million to invest in Meta 1, while Shimon was also accused of spending $ 215,000 to buy a Ferrari.

Source: CoinTelegraph