🤷 SEC Accuses Unicoin of $100 Million Fraud
The SEC has just charged Unicoin Inc. and senior executives like CEO Alex Konanykhin and Silvina Moschini with investment fraud. The company raised over $100 million from 5,000 investors through “rights certificates” in exchange for future Unicoin Tokens.
Unicoin advertised that the Tokens were backed by real estate and shares of private companies, but the SEC stated that most of this was fabricated. They also falsely promoted that the project was registered with the SEC.
Legal advisor Richard Devlin was also implicated and accepted a $37,500 penalty. The SEC is requiring Unicoin to return funds, pay fines, and prohibiting executives from participating in the management of public companies.