Blockvest and its founder misrepresented the ICO to investors
Ringgold reportedly failed to register the token sale with the SEC but claimed otherwise. Blockvest and Ringgold, according to the court document, misrepresented that the initial coin offering was “registered” with and “approved” by the SEC and used the SEC’s logo.
They also falsely claimed connections to the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).
The court order also flagged other irregularities such as a fictitious regulatory agency, the Blockchain Exchange Commission (‘BEC’).
“A fictitious regulatory agency, the Blockchain Exchange Commission (‘BEC’), creating its own fake government seal, logo, and mission statement that are nearly identical to the SEC’s seal, logo, mission statement as well as using the same address as the SEC’s headquarters,” the document stated.
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