The US Securities and Exchange Commission has filed charges against New York-based Unicoin and three of its senior executives for allegedly misleading investors and raising more than $100 million through deceptive claims related to crypto asset offerings and company stock.
According to the complaint filed in the Southern District of New York, the SEC accuses Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former Chief Investment Officer Alex Dominguez of using false “rights certificates” linked to Unicoin tokens.
The case also targets general counsel Richard Devlin for making misleading statements in private placement memoranda. Devlin has agreed to a $37,500 penalty and a permanent injunction without admitting fault.
Mark Cave, associate director of the SEC’s Division of Enforcement, stated that Unicoin allegedly exploited investors with fake promises of token backing by real-world assets, which were worth far less than claimed.
