SEC.gov | Unicoin, Top Executives Charged in Offering Fraud That Raised More tha

The SEC has charged New York City-based Unicoin, Inc. and three top executives with false and misleading statements in offerings of rights certificates tied to Unicoin tokens and of the company's common stock. The SEC alleges Unicoin marketed the certificates through airport and taxi advertising, television and social media, and convinced more than 5,000 investors to buy them. It alleges the tokens were falsely described as asset-backed by billions of dollars in real estate, that more than $3 billion in certificates were sold when no more than $110 million was raised, and that the certificates were falsely called SEC-registered. The complaint was filed in the U.S. District Court for the Southern District of New York, and general counsel Richard Devlin has consented to a judgment with a $37,500 civil penalty without admitting or denying the allegations.