Offering or Sale of Unregistered Securities
LGB Token Sale of Unregistered Securities Class Action
This class action alleges that a new cryptocurrency (LGB tokens), based on the Let’s Go Brandon meme, actually consists of unregistered securities. It brings suit against a corporate defendant, known as Corporate Defendant Doe or LGBcoin and groups of individuals (the Executive Defendants, the Racing Defendants, and the Promoter Defendants). The complaint alleges they created Read more
BlockFi Crypto Interest Accounts Are Unregistered Securities, Says Class Action
This class action brings suit against a number of BlockFi entities—BlockFi, its parent BlockFI, Inc. (BFI), and affiliates BlockFi Trading, LLC and BlockFi Lending, LLC, for their BlockFi Interest Accounts or Crypto Interest Accounts (BIAs). The complaint alleges BIAs are unregistered securities that should have been registered with the Securities and Exchange Commission (SEC) and Read more
EquiAlt $170 Million Ponzi Scheme California Class Action
“This case arises from $170 million Ponzi scheme operated by EquiAlt, LLC[,]”the complaint for this class action says in its opening line. According to the complaint, EquiAlt claims to use investor funds to buy distressed real estate and promised eight to ten percent profit with very little risk. However, the complaint claims that the promises Read more
EquiAlt Real Estate Securities Ponzi Scheme Class Action
The sales agents were unlicensed, the securities were unregistered, the investors were not accredited, and the investors’ money did not go where they thought it would go: This was EquiAlt and its Ponzi scheme, says the complaint for this class action. The first defendant is Paul Wassgren, who was a partner, at different times, at Read more
Obelisk Siacoin and Decred Mining Equipment Presale Class Action
This is another class action about shady business practices related to cryptocurrencies, this time Siacoin and Decred. Most of the complaint covers broken promises about mining equipment, but the legal allegations center on the charge of the sale of unregistered securities. Read more
Cloud With Me Initial Coin Offering Sale of Unregistered Securities Class Action
This class action concerns yet another initial coin offering (ICO), this time for a cryptocurrency called the Cloud token, sold by Cloud With Me Ltd. The complaint claims that the ICO was actually the sale of unregistered securities, in violation of the Securities Act of 1933. Read more
BitConnect Coin Unregistered Securities and Fraud Securities Class Action
It’s a wonder that buyers still exist for new cryptocurrrencies that show no signs of any serious underpinnings to support their claims. The complaint for this class action alleges that BitConnect coins are unregistered securities, a fraud, and a Ponzi scheme. Income from BitConnect coins is purportedly obtained through up to 40% interest per month, Read more
Paragon Coin ICO Was Sale of Unregistered Securities, Says Class Action
What does an initial coin offering (ICO) for a cryptocurrency have to do with “pulling the cannabis community from marginalized to mainstream”? The complaint for this class action attempts to explain, but in the end the allegation is the sale of unregistered securities, violating Sections 12(a)(1) and 15(a) of the Securities Act of 1933. Read more
