The Securities and Exchange Commission (SEC) has reported on Thursday that it has gotten an emergency court order stopping an arranged ICO by Blockvest. The Southern California Locale Court order likewise stopped a progressing pre-ICO sale by the company and its founder, Reginald Mate Ringgold, III, and in addition solidifying the litigants’ advantages.
As indicated by the ICO’s site, Blockvest (BLV) is an ERC20 token based upon Ethereum. “Blockvest Nvestnodes produce automated revenue through resource upheld profit sharing shrewd contracts. At it’s center, BLV is a security token that is representative of the best performing cryptocurrency index.”
As indicated by the SEC’s complaint, Blockvest and Ringgold, who additionally passes by the name Rasool Abdul Rahim El, were dishonestly guaranteeing their crypto subsidize was “licensed and regulated.” Blockvest and Ringgold likewise supposedly misrepresented Blockvest’s associations with an accounting firm.
“We affirm that this ICO is utilizing both the SEC seal and a made-up crypto regulatory authority to trap investors into trusting the ICO was approved by controllers,” said Robert A. Cohen, Chief of the SEC Authorization Division’s Cyber Unit. “The SEC does not underwrite investment products and investors ought to be very wary of any cases proposing something else.”