SEC wins trial against ICOBox in case of unregistered sale of tokens

The SEC won a lawsuit against the Russian project ICOBox and its founder Nikolai Evdokimov. Losing sidemust pay $ 16 million in fines and reimbursement of illegally received funds.

US Securities and Exchange Commission(SEC) sued ICOBox in September 2019, and in January demanded $16 million from the project. According to the statement, ICOBox organized several sales of tokens that were unregistered securities.

At the same time, ICOBox not only sold itsits own ICOS token, but also helped raise up to $650 million for more than 30 clients. The ICOS sale alone raised over $14.5 million between August 15 and September 15, 2017. The court ruled that ICOBox must pay $16 million for operating as an unregistered broker.

Startup founder Nikolai Evdokimov receivedwarning from the SEC for overly aggressive project promotion. However, at the end of 2018, he left ICOBox, and soon the project was closed. Currently, the ICOBox website is down, and neither Evdokimov nor other representatives of the team appeared in court for the latest hearings.

“After transferring the case to court, the ICOBox project lefttheir offices, and rents for several months remained unpaid. Attempts to send requests to Evdokimov’s last known email address were unsuccessful, ”the SEC said.

The Commission also noted that there was no evidence.ICOBox registration, and claims of 150 employees worldwide remain unverified. Moreover, while promoting the ICOS token, the company disseminated information misleading investors.

Note that initially the ICOS token cost more than $ 55, however, it lost most of its value before the cessation of trading in November 2019 - then the price of the token fell to $ 2.41.

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