ICOs Running Under False SEC Approval

Blockvest, claimed to be the First Licensed and Regulated Crypto Currency Exchange & Index Fund based in the US, founded by Reginald Buddy Ringgold, is the new target for the Securities and Exchange Commission (SEC). The SEC released that a court order has been granted against Blockvest, as the company recently organized an ICO claiming that the ICO has been approved by SEC, a violation of federal law.

The SEC commented on the court order:
“Blockvest and Ringgold also allegedly misrepresented Blockvest’s connections to a well-known accounting firm, and continued their fraudulent conduct even after the National Futures Association (NFA) sent them a cease-and-desist letter to stop them from using the NFA’s seal and from making false claims about their status with that organization,”
The proceeding will take place on October 18, 2018, and the hearing is assumed to be held in the Southern District of California.

The SEC Made it Case.
The main issue against Blockvest, is the false representation it’s claimed to be approved by the SEC. The company has publicly stated that it is “he First Licensed and Regulated Crypto Currency Exchange & Index Fund based in the US” as well as having it’s ICO being approved by the SEC.

According to official court documents:
“We allege that this ICO is using both the SEC seal and a made-up crypto regulatory authority to trick investors into believing the ICO was approved by regulators,”
Representing the SEC is Robert Cohen, also stated that:
“The SEC does not endorse investment products and investors should be highly skeptical of any claims suggesting otherwise.”