SEC Provides Evidence of Gram Token Sale After Completion of ICO

The US Securities and Exchange Commission (SEC) sent the court new documents against Telegram, CoinDesk reports.The regulator claims that the company sold Gram tokens after the completion of the token sale.

The SEC discovered accounts showingthat on June 20, 2018, the investment fund Da Vinci Capital sold Gram worth more than $2 million to ITI Funds. Another company, Gem Limited, sold $8.6 million worth of tokens to a firm called Goliat Solutions on July 2 of the same year and $4.5 million — Space Investments Limited.

For this, Da Vinci Capital and Gem Limited requested a commission of $ 209 thousand and $ 1.1 million, respectively.

Both companies declined to comment.

The SEC believes that the data presented «undermine» Telegram position. The company argued that the ICO was conducted under exceptional conditions in accordance with Regulation D.

«Telegram either collected more than $1.7 billion incampaign, as he claims, on exceptional terms, or did not raise $1.7 billion as of March 29, 2018 and subsequently raised funds through underwriters,”previously noted by the SEC.

Recall that in October last year, the SEC achievedtemporary ban on the distribution of Gram among investors. The regulator believes that the asset is a security, and accuses Telegram of violating US law in an ICO.