SEC Fines “ICO Superstore” Operators After Registration Concerns Raised
Posted: Mon Sep 10, 2018 9:24 pm
A Michigan-based startup selling digital tokens to investors to raise capital for the self-described “ICO Superstore,” and its principles, have agreed to settle charges brought by the U.S. Securities and Exchange Commission (SEC), which found its conduct constituted acting as unregistered broker-dealers.
A communiqué on the matter issued by the Commission, which said that TokenLot LLC and its owners, Lenny Kugel and Eli L. Lewitt, agreed to pay more than $550,000 to settle charges, but without admitting or denying the SEC’s findings. They also received a lifetime officer-director bar, lifetime penny stock bar and an injunction prohibiting them from ... (read more)