2 months ago
Date: 02 Oct 2022 - 20:06

The United States Securities and Exchange Commission SEC has accused two companies their executives and a supposed international gold trader of running a fraudulent scheme to boost demand for their digital token.The false promotion of the token netted proceeds of over 36 million for the defendants the agency said.A Fake 10 Billion Gold Bullion AcquisitionAccording to a lawsuit filed on Friday September 30 2022 a Bermudan company called Arbitrade a Canadian firm Cryptobontix Troy Hogg founder and owner of Cryptobontix James Goldberg Stephen Braveman COO of Arbitrade and Max Barber a socalled international gold trader ran an alleged pump and dump scheme involving a cryptocurrency called Dignity DIG from 2017 to 2019.As stated in the SECs complaint Hogg employed Russian developers in 2017 to create Dignity an Ethereumbased token which was owned and controlled by Hogg and Cryptobontix. The coin started trading exclusively on Livecoin a Russian crypto trading platform.Both Arbitrade and Cryptobontix claimed through announcements that the former purchased and received gold bullion worth 10 billion from SION a company owned by Barber with each of the three billion DIG tokens backed by 1 worth of gold.The companies also claimed that they got an auditing firm to audit the gold as a way to boost investors confidence. However the SEC alleged that both the gold purchase and the gold audit never happened as they were tactics to get investors to buy the DIG tokens.DIG Token Value Dropped to ZeroThe SEC also claimed that Hog and Goldberg sold DIG on Livecoin at artificially inflated prices resulting in total proceeds of 36.8 million. Interestingly DIG was delisted from the Livecoin platform as of February 2020 after the tokens value plummeted to zero.As stated in the lawsuit investors participated in what they believed was an investment opportunity by committing their funds using bitcoin or any other crypto.Consequently the SEC is charging the defendants in the case with violating the antifraud and securities registration provisions of the federal securities laws. Furthermore the regulators complaint is seeking the repayment of illgotten gains plus prejudgment interest permanent injunctive relief and civil monetary penalties.In addition the SEC is asking the court to issue an officer and director bar for all the individuals named in the lawsuit.The post US SEC Charges Two Firms for Alleged Crypto Pump and Dump Scheme appeared first on CryptoPotato.

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