The US SEC has gone after two companies and their chief that promised to invest in cryptocurrency but allegedly didn’t.
The allegations claim that Edelman, through his companies, “fraudulently offered and sold securities, using false, misleading statements” from February 2017 to May 2021.Edelman promised that these funds will be invested in cryptocurrencies, which would have been purchased at discounted promises. Additionally, the SEC asserted that Edelman operated a “Ponzi-like” scheme, repaying early investors with some of the new investors’ funds to “encourage their ever-larger investments.”
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