The SEC has sued Unicoin and three executives for securities fraud, involving more than $100 million.

Gate News bot message, the SEC( filed a lawsuit on May 20 against the New York-based Unicoin company and its three executives. The defendants include CEO Alex Konanykhin, former President Silvina Moschini, and former Chief Investment Officer Alex Dominguez.

The SEC lawsuit documents indicate that Unicoin issued token-related rights certificates and stocks without registering them as securities. The company claims that the tokens are backed by billions of dollars in real estate assets and asserts that sales exceeded $3 billion. However, the SEC investigation shows that the actual value of the company's assets is far below the claimed amount, with actual fundraising only reaching $110 million, involving over 5,000 investors.

The SEC is now applying to the court for a permanent injunction and seeking the recovery of illegal gains and civil penalties, while three executives are also facing director bans.

Source: Wu Says

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