Blockvest’s Defense Based on Falsified Documents, Claims SEC
Cointelegraph By Andrey Shevchenko's original article for cointelegraph.com reduced by 72%
The United States Securities and Exchange Commission have argued in a Jan. 10 filing that Blockvest founder Reginald Buddy Ringgold III falsified and, in one case, forged signatures in documents critical to the case. The commission had previously charged Blockvest with falsely declaring that its initial coin offering was registered with the regulator.
In Oct. 2018, the SEC halted Blockvest's ICO in an emergency court order. Though the Southern California court district initially claimed that the commission failed to provide adequate proof that the ICO was a securities sale, this decision was later reconsidered.
According to court documents, Blockvest "Engaged in willful and bad faith deception" by submitting false depositions. The defense relied on a claim that the pre-ICO tokens were never sold to actual investors, arguing that the participants submitted money with no expectations of receiving tokens in return. A condition of "Adverse inference" may be placed on Blockvest's claims that investors did not expect profits from their contribution.
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