SEC files complaint against ICO operator of $ 33 million ‘unregistered’ crowd machine by Cointelegraph



The United States Securities and Exchange Commission has filed a complaint against Australia’s Craig Derel Sproule for the allegedly “fraudulent and unregistered” sale of “digital asset securities” as part of an initial coin offering (ICO ) that his company had conducted in 2018.

The SEC alleges in a Thursday complaint Sproule’s company, Metavine Inc., which operated the ICO for Crowd machine (CMCT) from January to April 2018, sold unrecorded titles, never made the project operational, and “significantly distorted the way he intended to use the ICO proceeds.”

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