ShipChain had articles removed by Forbes that were allegedly paid for by ShipChain without any disclosure that the articles were sponsored. Investors in the alleged unregistered security token, Shipcoin, may have read the Forbes article and subsequently invested in the coin. ShipChain’s executive team, including Kelly’s business partner John Monarch, heavily promoted the article on their social media accounts.
Since the action by the attorney general’s office in South Carolina, the Shipcoin has lost most of its value, allegedly causing many investors to lose a substantial amount of money since its initial sale of $30 million in tokens.
Check back for updates on the Arizona Bar action against the Kelly and Warner along with other updates into cases these folks are involved in.
