SEC accused the Sparkster platform of conducting an unregistered ICO – Bits Media

United States Securities and Exchange Commission (SEC) fined the cryptocurrency platform Sparkster and its general director of Sajad Dayu on $35 Milln for conducting an unregistered ICO in 2018 year.

According to the press release SEC, Sajad Diaya (Sajjad) Organized the sale SPRK tokens since April 2018 year to July 2018 of the year, during which it was attracted $30 Milln from 4 000 American and foreign investors. ICO organizers promised investors, that the funds raised will go to the further development of the platform, And SPRK tokens will grow in price and will become available on trading floors. The main claim of the regulator is, that SPRK tokens were not registered in the SEC and sold as securities in violation of federal legislation on US securities.

The department charged the investor Jan Balina (Ian Balina), Having filed against him a lawsuit in the U.S. District Court of the Western District Texas. According to the complaint SEC, Balin acquired SPRK tokens in the amount $5 Milln and promoted them in different social networks. He also organized the investment pool at least from 50 Human, I proposed to buy SPRK. However, Balin hid information from them, what kind of promotion of tokens he received a reward in the amount 30% from the invested amount.

Sparkster's leadership did not recognize and deny the accusations SEC. It agreed to destroy the remaining SPRK tokens, demand their removal from trading floors, and also publish the SEC order on your website and on social networks. Besides, Diaya agreed to refrain from participating in the proposal of any crypto assets within five years. The platform is obliged to return to investors $30 million, Pay $4.6 million in the form of interest before the court decision and pay $500 000 As an administrative fine. Diai himself must also pay a fine in $250 000.

Last week, SEC accused of unregistered securities of the organizers of another cryptocurrency project - Chicago Crypto Capital. Earlier, the department imposed a fine on NVIDIA Corporation for hiding information about the role of cryptocurrency mining in the company's income.