Crowd Computer
SEC files complaint against operator of ‘unregistered’ $33M Crowd Machine ICO
The United States Securities and Exchange Commission (SEC) has filed a suit against Australian Craig Derel Sproule for the allegedly “fraudulent and unregistered” sale “of digital asset securities” in an Initial Coin Offering his company conducted in 2018. The SEC alleges in a Jan. 6 complaint that Sproule’s company, Metavine, Inc. which operated the ICO for Crowd Machine (CMCT) from Jan. to April 2018, sold unregistered securities, never made the project operational and “materially misrepresented how it intended to use ICO proceeds.” In total, the SEC says Sproule raised at least $33 million dollars, but that he now lacks “sufficient capital to fund continued operations.” The reason for his lack of funds goes to the core of the SEC’s case. A Jan. 6 announcement from the SEC regarding the ...
