SEC Imposed Fine and Life Bans on ICO Founder
August 16, 2018
The U.S. Securities and Exchange Commission has declared two new bans imposed on David T. Laurance, the founder of Tomahawk that allegedly involved in fraudulent ICO.
As the regulator’s spokesperson said, the Laurance's company tried to attract funds by selling crypto coins called Tomahawkcoin while deceiving investors with fake ads and presenting itself as the drill site tenant.
Along with that selling Tomahawkcoin was followed by the firm’s fake claim that all holders of the coin would be able to convert it in the drill site shares and gain recurring income from oil output and secondary crypto coin disposal.
With reference to the information published by the regulator David T. Laurance gave no response to the charges cast but on behalf of the firm he assented to the prohibitions so they are to pay a fine of 30,000 dollars.
As for the bans by regulator: from now on the head of Tomahawk is allowed to be neither a director at public organizations nor holder or trader of penny stocks.
“Investors should be alert to the risk of old-school frauds, like oil and gas schemes, masquerading as innovative blockchain-based ICOs», the head of SEC cyber division said.