Dominique Lacroix, one of those accused of fraudulent ICO project PlexСoin, was forced by order of the financial regulator in Quebec, Autorité des marchés (AMF), to translate over 3 million dollars in bitcoins in favour of the affected investors.
This translation became the latest in a series of steps the United States authorities taken by the ICO against fraudulent and other illegal operations related to cryptocurrencies.
Judge Raymond W. Pronovost Lacroix explained that he has 24 hours to translate all existing bitcoins under the control of the court address. The next day Lacroix had returned empty handed, saying that the whole cryptocurrency is on the hard drives confiscated by the authorities. Computers immediately was brought into the courtroom, and Lacroix had to immediately transfer their coins.
PlexСoin came under the watchful eye of regulators in July 2017, but Lacroix was ordered to continue the ICO.
The project was a success among investors and by August of 2017 gathered about $ 15 million. In the end, Lacroix received a two-month prison sentence. In addition, he and DL Innov (his company) was fined in the amount of 110 000 USD.
PlexCoin subsequently caught the eye of SEC, USA. In December 2017 the Commission on securities and exchange Commission filed a complaint against his project, demanding “urgent to stop fraudulent ICO, which since August has raised approximately $15 million from thousands of investors, promising with 13 times the monthly profit.”
In response to the actions of the SEC, PlexСoin filed a motion accusing the Commission of abuse of power against persons who do not fall under its jurisdiction and to transactions that are not governed by the Federal securities laws of the United States.
Then, in mid-June, the SEC officially received an emergency court order freezing the assets of Lacroix.
In may, the North American governing securities (NASAA) launched operation Cryptosweep (“Cryptonatica”) — coordinated work of the North American regulators and law enforcement authorities to eliminate fraud space ICO. Recently AMF has taken action against two other ICO: “Antivolatility” and “ZZZ”. The founders of both were ordered to appear before the AMF on August 10.