SEC Alleges Two ICOs Defrauded Investors

The Securities and and Exchange Commission, which recently warned investors about the risks of initial coin offerings, has charged two companies with defrauding investors in a pair of Initial Coin Offerings (ICOs) that were purported to have been backed by investments in real estate and diamonds.

REcoin Group Foundation and DRC World, also known as Diamond Reserve Club, were each owned by a businessman named Maksim Zaslavskiy, who the SEC has alleged sold unregistered securities and digital coins that don’t exist. Read more.