SEC charges Boon.Tech, CEO Rajesh Pavithran over fraudulent ICO
Business ı By Marivic Cabural Summers
1,701 0 Comments
The Securities and Exchange Commission (SEC) accused Kelvin Boon LLC doing business as Boon.Tech and its CEO Rajesh Pavithran of violating federal securities laws in connection with its fraudulent initial coin offering (ICO).
According to the SEC, Boon.Tech and Pavithran raised approximately $5 million by selling digital tokens called Boon Coins in the ICO from November 2017 to January 2018
Allegations against Boon.Tech and Pavithran
Over 1,500 investors in the U.S. and overseas purchased Boon Coins during the ICO. They were not aware that the offering was not registered with the SEC. Thus, the federal securities regulator alleged that it was a fraudulent ICO.
Additionally, the SEC alleged that Boon.Tech and Pavithran made false and misleading statements about the capabilities of its platform.
They claimed that it is a “decentralized platform and collection of smart contracts forming a decentralized job marketplace.” They also claimed that it has a patent-pending technology to eliminate the volatility of the cryptocurrency market and obtain stability in the platform.” In reality, Boon.Tech does not have that kind of patent-pending technology.
Furthermore, the SEC alleged that the Respondents lied to investors that its platform was more advance, faster, and more scalable than competitors because it has its own independent blockchain. In reality, Boon.Tech does not have its own independent blockchain. It is developing its platform based on the same ethereum platform used by its competitors.
The Commission determined that Boon.Tech and Pavithran engaged in business practices that violated the antifraud and registration provisions of the federal securities laws.
In a statement, SEC Enforcement Division, Cyber Unit Chief said, “Investors are entitled to truthful disclosures from issuers of securities, whether digital or otherwise. Pavithran and Boon.Tech defrauded investors by convincing them to fund this endeavor based on the allure of innovation that simply did not exist.”
Boon.Tech and Pavithran to disgorge $5 million
The Respondents agreed to settle without admitting or denying the allegations of the SEC.
As part of the settlement, they agreed to the Commission’s Order requiring them to disgorge the $5 million raised in the ICO and to pay prejudgment interest of $600,334.
Boon.Tech and Pavithran also agreed to destroy all Boon Coins in their possession, to remove it from any further trading on all third-party digital asset trading platforms, and to refrain from participating in any future ICO.
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