“Assuming the assertions in the Complaint are true, Floyd Mayweather, Kim Kardashian, and Paul Pierce engaged in this opportunity precisely for a pay-day and nothing further. The problem with that is that their fans and supporters oft believe their promotional efforts to be genuine and rely upon their statements, perhaps to their detriment,” Heitner continued.
Is Kevin Harrington and Shipchain’s John Monarch next?
Kevin Harrington, the shark behind the TV show “Shark Tank” has been one of the advisors of Shipchain. The platform is a blockchain-based shipping tracking company that was shut down by the Securities and Exchange Commission (SEC).
John Monarch and Aaron Kelly, the co-founders of Shipchain, allegedly violated federal securities laws for conducting an illegal initial coin offering (ICO), according to the Securities and Exchange Commission. The executives allegedly defrauded investors of $27.6 million by unlawfully selling over 145 million unregistered SHIP tokens during the ICO in late 2017 to early 2018.
