SEC SEC Charges Adult Entertainment Token Platform With 2017 ICO Fraud

SEC Charges Adult Entertainment Token Platform With 2017 ICO Fraud

The Securities and Exchange Commission accused Jonathan Lucas, a 27-year-old manager in the online adult entertainment market, of managing fraudulent coin transactions (ICO).

According to the SEC lawsuit, the company claims that investors can buy their day and use it to request certain adult direct promotions on the platform.

“The Fantasy Market is a market for customer-based digital presentations,” according to the company’s LinkedIn profile. “Our tokens control what the players say and do during the show.”

All company team members, except Lucas, were made according to the complaint, which listed many of the Company’s misrepresentations about promoting ICO.

The ICO runs from September 3 to October 16, 2017, with the aim of collecting $ 25 million, selling 125 million FMT, and complimenting each token with 20 cents, according to the white paper marker.

For six weeks, Fantasy Markets collected $ 63,000 of crypto currency from more than 100 investors for fraudulently offering and selling unregistered digital securities – CEO Lucas even said he had $ 2 million to $ 25 million. Target dollars collected.

The SEC said that Lucas was promoting FMT sales by misleading future investors.

He told investors that there was a private pre-sale of an accredited investor, but this never happened. Lucas also said that the tokens will be listed on the main exchange and the company has verified that its investors are accredited; Neither claim is true.

The company makes another false statement when confirming that all transactions have been secured, because users can only buy tokens with Bitcoin or Litecoin on the ERC-20 blockchain, which does not occur.

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In fact, according to the SEC’s guess, no day was issued, and his request for Astralum never came. Received money flows into marketing, not into product structure.

The SEC filing is accompanied by an approval decision, which means that the defendant has taken a decision against it.

SEC image via Shutterstock

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