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Veri Token ICO: Assets Worth $8 Million Frozen by SEC

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

In the recent news, a court order was granted to the U.S. Securities and Exchange Commission(SEC) to freeze $8 million worth of assets that are related to Veritaseum and VERI token offerings. SEC has accused the company along with the operator Reginald “Reggie” Middleton for fraudulently selling $14.8 million worth of digital securities.

Charges have been filed against Middleton for selling digital token ‘VERI’ by manipulating investors to invest in the business and in the tokens. They also gave false information to investors about their previous business as well as lied about the demand for the VERI tokens.

They even devised the price of VERI using an unregistered digital asset trading platform. Middleton recently transferred a good amount of investor assets and dissipated a portion of the assets to his own personal account.

SEC’s involvement in the matter helped them to freeze $8 million worth of assets out of the total $15 million. Middleton and Veritaseum are charged for violating registration and antifraud provisions. The charges will lead to penalty with interest along with ban from offering any digital securities or services in the future.

Along with this, SEC has also filed charges related to other crypto exchanges as well and have started an investigation related to the investment advisors and about the custody solutions.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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