SEC charges Unicoin and executives with $100 million Fine

The US Securities and Exchange Commission has charged New York-based Unicoin Inc. and its executives with orchestrating a $100 million fraud. 

The regulator charged the company and executives Alex Konanykhin, Silvina Moschini and Alex Dominguez for false and misleading statements related to an offering of certificates promising rights to receive crypto-assets and stock, according to a Tuesday statement. 

We allege that Unicoin and its executives exploited thousands of investors with fictitious promises that its tokens, when issued, would be backed by real-world assets including an international portfolio of valuable real estate holdings,” said Mark Cave, associate director in the SEC’s Division of Enforcement, in the statement

In the Tuesday statement, the SEC alleged that Unicoin marketed certificates to the public through promotional efforts that included advertisements in major airports and on thousands of New York City taxis. The group and its executives are alleged to have convinced more than 5,000 investors to purchase the certificates. Unicoin didn’t immediately respond to a request for comment.