SEC Files Emergency Action Against Organizer of ‘Fraudulent’ $15 Million ICO

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The U.S. Securities and Exchange Commission (SEC) is seeking to freeze the assets of Reggie Middleton, organizer of the $14.8 million Veritaseum (VERI) initial coin offering (ICO).According to an emergency action filed Monday in the U.S. District Court for the Eastern District of New York, Middleton conducted a fraudulent and illegal ICO in 2017 and manipulated the securities’ value afterward.A self-described “financial guru,” Middleton is accused of propagating false information about his businesses, as well as conducting trades in the open market that jacked up the price of VERI. The SEC further alleges he misappropriated at least $520,000 of investors’ money for personal use, as well as $600,000 to purchase precious metals to prop up another scam.In addition to freezing Middleton’s assets, the SEC asked the court to prohibit him from destroying or altering documents and place a lifelong ban his ever operating a public company or participating in a…

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