US SEC smacks ICO fraudster with lifetime ban and $30,000 penalty

The US Securities and Exchange Commission (SEC) has barred an energy investor from serving on public companies' boards after finding that he was behind a misleading initial coin offering (ICO).

In a press release, the regulator said it had obtained a permanent officer-and-director and penny stocks bars and a $30,000 penalty against David Laurance and his company, Tomahawk Exploration.

According to the SEC, Laurance and Tomahawk attempted to raise funds through a "Tomahawkcoin" token sale that used misleading marketing materials and made false claims about oil drilling licences.

Click here to view the full article on Hogan Lovells Engage

Download PDF Share Back To Listing
Loading data