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The SEC has filed a lawsuit against Australian, Craig Derel Sproule, for the “fraudulent and unregistered” sale “of digital asset securities”. Sproule owns Metavine Inc which ran the ICO for Crowd Machine (CMCT) back in 2018. According to the SEC, this amounted to selling ‘unregistered securities’. What’s more, they are accused of having ‘materially misrepresented how it intended to use ICO proceeds’. Sproule used more than $5 million of the ICO raise to invest in a South African mining operation. There have been no returns on this investment… Sproule is prohibited from becoming an officer in a public company, and has been ordered to pay a $195,047 fine. Source: Cointelegraph
"$195,047 civil penalty. Without admitting or denying the allegations, Sproule and Crowd Machine have consented to judgments permanently banning them from participating in future securities offerings. They also agreed to seek the removal of CMCT tokens from crypto trading platforms." What a fine job by the SEC.