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ICO That Promised 13-Fold Profit in a Month Is Halted by the SEC

  • Regulator wins emergency assets freeze to stop PlexCoin sales
  • Case is the first by new cyber unit that focuses on ICO scams
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Bitcoin: What’s Coming in the Year Ahead

The U.S. Securities and Exchange Commission won an emergency asset freeze to stop an initial coin offering that the agency said has defrauded investors by promising a 13-fold profit in less than a month.

The asset freeze was granted as the SEC sued Dominic Lacroix and his company PlexCorps in federal court in Brooklyn, the agency said in a statement on Monday. The firm and Lacroix, described by the SEC as a recidivist securities law violator, have raised $15 million since August marketing and selling a product called PlexCoin over the Internet, according to the statement.