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News & Press: Industry News

SEC Charges Fraud in REcoins Cryptocurrency Offering

Tuesday, October 17, 2017  
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The U.S. Securities and Exchange Commission has filed a complaint against the individual and companies behind an alleged cryptocurrency that was supposedly backed by real estate. The company claimed that REcoin was backed by real estate held in trust in different countries. According to the SEC the cryptocurrency backers were defrauding investors by selling unregistered securities and selling digital tokens or coins that didn’t actually exist. The SEC’s complaint noted that REcoin’s marketing touted the fact that behind the investment was a team of attorneys and programmers. According to the SEC none of those statements were true. See recent Housing Wire article for additional information.

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