Additionally, the defendants told investors that Meta 1 Coin will never lose value and could return up to 224, 923%.
The defendants raised at least $4.38 million from more than 150 investors in the U.S. and overseas since April 2018. They never distributed the Meta 1 Coins to investors. Instead, they used investor funds to pay for personal expensed and funnel proceeds to Pramana Capital and Mr. Shamoun.
According to the SEC, the defendants directly and indirectly engaged in business activities, practices, and transactions that violated the anti-fraud and securities registration provisions of the Securities Act and the Exchange Act.
In a statement, SEC Fort Worth Regional Office Director David Peavler said, “As we allege, the defendants made audacious claims about the Meta 1 Coin and would say almost anything to separate investors from their money. Investors should always look skeptically at promoters who claim that their investment cannot lose value or that investors will receive massive returns.”
