US SEC stops fraudulent ICO that falsely claimed SEC approval

The US Securities and Exchange Commission (SEC) has obtained an emergency court order stopping an initial coin offering (ICO) whose backers falsely claimed had been approved by the SEC.

According to the SEC press release, BlockVest allegedly falsely claimed its ICO and its affiliates had received regulatory approval from the SEC and other agencies.
However, the SEC's complaint alleges that BlockVest and its founder, Reginald Buddy Ringgold III, "were using the SEC's seal without permission", which is a violation of federal law, and were also "falsely claiming their crypto fund was 'licensed and regulated".

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