The SEC alleged that two firms made false claims and misrepresentations that led investors into investing in a fraudulent scheme.
The United States Securities and Exchange Commission has accused two companies, their executives, and a supposed international gold trader, of running a fraudulent scheme to boost demand for their digital token.
As stated in the SEC’s complaint, Hogg employed Russian developers in 2017 to create Dignity, an Ethereum-based token, which was owned and controlled by Hogg and Cryptobontix. The coin started “trading exclusively” on Livecoin, a Russian crypto trading platform. As stated in the lawsuit, investors participated in what they believed was an investment opportunity by committing their funds using bitcoin or any other crypto.“violating the antifraud and securities registration provisions of the federal securities laws.”
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