The SEC demands from real estate cryptocurrencies

The United States Stock Exchange and Securities Commission (SEC) announced yesterday that it presented positions against the Unicoin real estate tokenization company, Inc., based in New York, and three of its executives. The agency accuses them of making false and deceptive statements in an offer of certificates that allegedly granted rights to receive the so -called “Unicoin” tokens, as well as the offer of ordinary shares of the company.

In addition to the company, accused executives are CEO and president, Alex Konanykhin; The former president, Silvina Moschini; and the former investment director, Alex Dominguez.

According to the lawsuit, Unicoin supposedly addressed thousands of investors with unfounded promises that their tokens would be backed by real world assets (RWA), including real estate holdings and capital interests in companies prior to its initial public offer (OPI) worth billions of dollars, said the SEC.

In its announcement, the agency said the company claimed to have sold more than 3,000 million dollars in rights certificates, when in reality it did not collect more than 110 million dollars. The company also said that the Unicoin Tokens and the Rights Certificates were registered in the SEC, a statement that the agency ensures that it is false.

“We claim that Unicoin and its executives exploited thousands of investors with fictional promises that their tokens once issued would be backed by real world assets, including an international portfolio of valuable real estate properties,” said Mark Cave, associate director of the Division of Compliance with the SEC.

«But as we claim, Real estate assets were worth a mere fraction of what the company claimedand most sales of company rights certificates were illusory. It is alleged that the highest executives of UNICOIN perpetuated fraud, and today’s action seeks accountability for their behavior, ”added Cave.

The SEC alleges that Unicoin widely commercialized the certificates of rights to the public through extensive promotional efforts, including ads in the main airports, thousands of taxis of New York City, television and social networks.

Even, as part of its promotional campaign of its tokens, the company advertised abroad of buses, as shared by the Unicoin CEO three years ago through a photo published in X, which can be seen below.

It is also alleged that Unicoin and its executives convinced more than 5,000 people to buy rights certificates through false and deceptive statements that presented them as investments in cryptoactives of “next generation” safe, stable and profitable.

According to the demand of the SEC, filed at the District Court of United States, Unicoin and Konanykhin also violated the federal laws of values by participating in offers and unregistered sales of rights certificates.

He adds that Konanykhin offered and sold more than 37 million of his rights certificates to offer better prices and address investors to whom the company had forbidden to participate in the offer to avoid jeopardizing its exemption to the registration requirements.

Unicoin warns to be prepared for legal battle

The Unicoin company, through its CEO, Konanykhin, ensures that it prepares for a judicial confrontation with the SEC, after rejecting an agreement of agreement before the deadline of April 18.

Konanykhin, promised to combat charges in court, describing the actions of the SEC as “grotesque” And stating that Unicoin, who has voluntarily submitted financial statements to the SEC for more than three years, is being unjustly attacked.

“I have all the intention of winning this case in court,” Konanykhin told Decrypt. In addition, he suggested that the persecution of the SEC is promoted by “dishonest officials” of the time of former president Gary Gensler, specifically mentioning Brad Ney, deputy director of the Division of Compliance with the SEC.

Unicoin token, unlike many others, is not negotiable in the US, but is marketed as a promising token linked to the company’s portfolio, which includes media, talent and software services.

Konanykhin argues that the case reflects the internal resistance of the SC to the favorable policies to cryptocurrencies of the new Trump administration, which promised to end the so -called “war against cryptocurrencies” and is promoting clear compliance standards.

Although the SEC recently withdrew coercive measures against important cryptocurrency companies such as Coinbase and Ripple, continues to investigate cases of fraud, under the direction of its new president Paul Atkins, as Cryptonoticias reported.