#insured token

[rwatimes]

SEC Charges Donald Basile In $16M Fraud Case Involving 'Insured' Token

SEC Charges Donald Basile In $16M Fraud Case Involving 'Insured' Token. The U.S. Securities and Exchange Commission filed a civil complaint in the Eastern District of New York accusing crypto executive Donald Basile and two entities he controlled of raising about $16 mil

➤ The SEC has charged crypto executive Donald Basile with fraud for allegedly raising $16 million through a scheme involving a purportedly insured token, Bitcoin Latinum. ➤ Investors were misled about the token being insured and asset-backed, with funds allegedly misused for personal expenses. ➤ The case highlights the SEC's focus on targeting fraud and trust abuses in the crypto space, even as the project's website is now defunct.

[rwatimes]

SEC Charges Donald Basile in $16M Crypto Fraud Over “Insured” Token

Regulators allege Basile misled hundreds of investors with claims of an insured crypto asset, while millions were spent on personal expenses including real estate and a $160,000 horse.

➤ The SEC has charged Donald Basile with defrauding investors out of $16 million through a scheme involving a purported 'insured' crypto token, Bitcoin Latinum. ➤ Basile allegedly made false claims about the token's backing and insurance, while diverting investor funds for personal expenses, including real estate and a horse. ➤ The SEC is seeking penalties, repayment of gains, and a ban on Basile's future participation in securities offerings.