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.

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