US Financial Regulators Reach $7M Settlement Over PlexCorps ICO
Max Boddy's original article for cointelegraph.com reduced by 57%
The United States Securities and Exchange Commission has reached a multi-million dollar settlement with PlexCorps owner Dominique Lacroix, business partner Sabrina Paradis-Royer and PlexCorps over an allegedly fraudulent initial coin offering. The SEC submitted its settlement agreement to a U.S. District Court in Brooklyn on Aug.
12. According to the filing, the defendants will collectively be fined nearly $7 million as part of the settlement agreement. The SEC concluded that the defendants raised $8,269,218 through the PlexCoin ICO.
The agreement further states that the defendants will pay 55% of the funds raised in the ICO - approximately $4.5 million - as the commission determined this amount to be roughly what they personally gained from the offering. The document states that Lacroix and Paradis-Royer will be required to pay $1 million in civil penalties each as well as $348,145. The settlement agreement also entails that Lacroix will be barred from acting as an officer or director of a public company, and that both Lacroix and Paradis-Royer will be barred from involvement in any future digital securities offerings.
At the time, the SEC alleged that Lacroix and Paradis-Royer violated security laws via the PlexCoin ICO, in which they purportedly promised a 1,354% return on investment in under a month.
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