• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

Boontech, Founder Pavithran Settle SEC Charges Over Fraudulent ICO and Registration Violations

Written by:
Aeon Flux
Published on:
14 August 2020
Thoughts:
No comments yet

Aug 13, 2020 at 23:10 UTC

https://www.shutterstock.com/image-photo/washington-dc-usa-june-25-2018-1625495629

(AevanStock/Shutterstock)

The Securities and Exchange Commission (SEC) announced today that it has charged Virginia- based company Boontech and its founder Rajesh Pavithran for fraud and failure to register the firm’s tokens that were sold as investment securities. 

According to the SEC’s announcement, between November 2017 and January 2018, Boontech sold $5 million worth of its tokens, Boon Coins, to more than 1,500 investors in the United States, without registering the digital asset with the regulatory body. 

  • The announcement said the firm and Pavithran made false statements about how they had managed to eliminate volatility for their digital asset by using “patent pending” technology to hedge it against the dollar, despite what the SEC said was the complete absence of such a technology. 
  • While the firm and its founder claimed that their platform was faster because it was built on a private blockchain, the SEC said that these claims were also false and the firm used the same public blockchain as its competitors. 
  • Without accepting or denying the charges, Boontech and Pavithran have settled the allegations by agreeing to disgorge $5 million, plus interest, raised by the token sales. The settlement also requires that Boontech destroy all of the Boon Coins in their possession and withdraw them from all digital asset trading platforms.
  • In addition, the settlement requires Pavithran to pay a penalty of $150,000 and bars him from serving as an officer or director of any publicly traded company. 

Read more about…

SECICOFrauds

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Categories: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (1,636)
  • Ethereum (1,035)
  • News (2,930)

Recent Posts

  • Why Tether is a unique Coin in the Crypto World? Is USDT the Future of Cryptocurrencies? 5 April 2021
  • Polkadot and Solana with strong performance 5 April 2021
  • 15 tips for startups to achieve a decent work life balance over the holiday season 5 April 2021
  • There are no Experts in Crypto 5 April 2021
  • Crypto Research Tools That Supercharged My Investing Strategy 4 April 2021

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web