SEC Charges Three Unicoin Executives with $100 Million Fraud

The U.S. Securities and Exchange Commission (SEC) has filed charges against New York-based cryptocurrency project Unicoin and three of its top executives for a $100 million fraud scheme.
On the 20th (local time), TheBlock reported that Unicoin and three of its executives were accused of selling fraudulent certificates to cryptocurrency and common stock investors.
According to the SEC, Unicoin has attracted thousands of investors by claiming that real assets, such as billions of dollars in real estate assets and shares in pre-listed companies, back the value of its cryptocurrency tokens.
However, in reality, the value of these real estate assets was only a fraction of what the company claimed, and most of the title deeds sold were found to be nonexistent.
Mark Keib, Deputy Director of the SEC's Division of Enforcement, said, "We allege in our complaint that the values advertised by Unicoin for its real estate assets were vastly inflated and that most of the title deeds were false.
Unicoin claimed to have sold certificates totaling more than $3 billion, but in fact failed to exceed $110 million, the SEC said.
They also claimed that the Unicoin token and certificate were registered with the SEC, but this was confirmed to be false.
These fraudulent claims are based on the fact that Unicoin is advertising in major airports,
The company also advertised the company extensively through advertising in thousands of taxis in the city, television and social media. The SEC said that through such advertising strategies, more than 5,000 investors were involved.
He explained that he had purchased a Unicoin title certificate.