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SEC Files Lawsuit Against “Chicago Crypto Capital” Employees for Selling BXY Tokens Illegally

A Chicago-based cryptocurrency investment firm and three of its employees were sued by the U.S. Securities and Exchange Commission (SEC) on Wednesday for allegedly selling $1.5 million worth of cryptocurrencies that weren’t registered with the securities watchdog.

According to the complaint, BXY is a coin associated with the now-defunct cryptocurrency exchange Beaxy. Beaxy sold investors on a token that it said could earn large gains reminiscent of the initial coin offering (ICO) era in an effort to raise money and build a substantial user base. With CCC, it had a contract in place to sell them as well. According to the complaint, CCC kept 3 cents of every 5 cent sale.

Owner of Chicago Crypto Capital (or CCC), Brian Amoah, together with salespeople Darcas Oliver Young and Elbert Elliott allegedly sold 100 investors, many of whom had no prior knowledge with cryptocurrencies, BXY tokens between August 2018 and September 2019. According to the complaint, they deceived those investors about how they were managing the token.

According to the complaint, CCC sold BXY to novice investors without disclosing the company’s kickbacks. Later, CCC failed to send BXY tokens to certain of its customers.

According to the complaint, CCC sold BXY to novice investors without disclosing the company’s kickbacks. Later, CCC failed to send BXY tokens to certain of its customers.

According to the complaint, BXY is a coin associated with the now-defunct cryptocurrency exchange Beaxy. Beaxy sold investors on a token that it said could earn large gains reminiscent of the initial coin offering (ICO) era in an effort to raise money and build a substantial user base. With CCC, it had a contract in place to sell them as well. According to the complaint, CCC kept 3 cents of every 5 cent sale.

News Summary:

  • SEC Files Lawsuit Against “Chicago Crypto Capital” Employees for Selling BXY Tokens Illegally
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