The US Securities and Exchange Commission (SEC) on Friday filed documents in ongoing cases with Telegram. The filing states that the evidence of post-ICO sales undercuts the company’s argument that the offering was exempt from registration requirements. Telegram was initially scheduled to release its cryptocurrency in October 2018.
Two entities invoiced Telegram from selling gram.
According to invoices presented by the SEC, Investment fund Da Vinci Capital and Gem Limited requested commissions of $209,783 and $1.1 million for subsequent sales of purchase agreements for Telegram’s tokens grams. The invoices show that Da Vinci Capital sold over $2 million worth of grams on June 20, 2018, and Gem Limited sold $8.6 million worth of grams to a firm named Goliat Solutions and $4.5 million to Space Investments Limited.
SEC has requested banking records of Telegram regarding the token sale proceeds.
The US SEC has asked Telegram to produce documents of where did they spend funds that were raised during the ICO. Telegram first denied to show such banking records, but the messaging company has asked the court to give them five to seven weeks to prepare all the documents. Telegram is supposed to launch its token gram by the end of April this year.