SEC Files ICO Suit Against Ian Balina
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An editor at Coincrop
22 Sept 2022 | 2 min read
an Balina, a famous cryptocurrency investor and YouTuber, was charged by the U.S. Securities and Exchange Commission for his role in an unregistered initial coin offering (ICO).
The court papers claim that the Sparkster ICO, which was promoted as a "no-code" development platform. The ICO, which ended in July 2018, garnered $30 million from investors.
"This action concerns Ian Balina’s unregistered offering and promotion in 2018 of crypto asset securities called SPRK Tokens. Balina, a self-described crypto asset investor, promoter, and influencer, who claimed he could help people “make millions with initial coin offerings”
He neglected to reveal the fee he received from the issuer while publicly promoted the tokens. Furthermore, he failed to file a registration statement with the SEC for the tokens that were utilizing an investing pool he organized, then reselling them.
The SEC is requesting a permanent bar from participating in or promoting securities offerings, along with disgorgement and civil fines.
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