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Browse: Home / 2022 / August / 16 / SEC Sues Three Entities and Their Founder for Unregistered Crypto Asset Securities Offerings

SEC Sues Three Entities and Their Founder for Unregistered Crypto Asset Securities Offerings

By Securities Docket on August 16, 2022, 1:41 pm

The SEC alleges that in 2017, Roets, Dragonchain, and the Foundation conducted an unregistered offering of Dragon tokens (“DRGN”) in two phases: (1) a discounted “presale” in August 2017 to members of a crypto investment club, and (2) an initial coin offering (“ICO”) in October and November 2017 marketed predominately to crypto investors. Through this offering, the defendants allegedly raised approximately $14 million from approximately 5,000 investors around the world, including the United States. According to the SEC’s complaint, the defendants marketed the offering to crypto investors, and their personnel and agents publicly discussed DRGN’s investment value, pricing, and “listing” on trading platforms, among other things. Then, between 2019 and 2022, Roets, Dragonchain, the Foundation, and TDC allegedly offered and sold approximately $2.5 million worth of DRGNs to cover business expenditures to further develop and market Dragonchain technology, some of which occurred after a state regulator found DRGNs to be securities.

Source: Dragonchain, Inc., Dragonchain Foundation, The Dragon Company, John Joseph Roets (Release No. LR-25468; Aug. 16, 2022)

Posted in SEC, Top, Uncategorized | Tagged Cryptocurrency

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