SEC Fines and Permanently Bars Founder of Fraudulent Oil Exploration Token

The U.S. Securities and Exchange Commission (SEC) has taken action against an oil and gas exploration company and its founder who “perpetrated a fraudulent initial coin offering (ICO) to fund oil exploration and drilling in California.” The token sale failed to raise money but the tokens were issued as part of a bounty program, which the SEC considers securities.

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SEC Took Action

The SEC announced Tuesday that it has taken...

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