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Layout References Mailings Review View EndNote Line Numbers Spaci Columns Breaks be Hyphenation . :Right: Position Wrap ring Send Selection 069 0 pt Aign Group Rotate ext Forward Beckward Pane The U.S. Securities and Exchange Commission on Monday announced its first-ever enforcement action by Canadian company violated U.S. securities laws in raising $15 million through this new, red-hot area of finance its new cyber unit against an initial coin offering, alleging company, described by the agency as a "scam" run by a "recidivist Canadian securities law violator." were brought by the unit as it looks to crack on potential abuse in the cryptocurrency arena The SEC alleged that PlexCorps violated securities laws by marketing and selli the U.S. and elsewhere. The commission also charged Dominic Lacroix and Sabrina Paradis-Royer, the company's founders, in connection with the sale The SEC said it had obtained an emergeney court order to freeze the assets of PlexCorps and the two individuals. In July, the Financial Markets Administrative Tribunal of Quebec banned PlexCorps and Mr. Lacroix from all investment-related activities targeted at Quebec residents. In October, Quebec's Superior Court declared the company and Mr. Lacroix in contempt of court, finding the defendants continued to market and solicit investments in PlexComs The company, Mr. Lacroix and Ms. Paradis-Royer couldn't immediately be reached for comment. A Facebook page for Plex Corps was active as recently as Friday Coln Warnings The SEC has raised concerns over initial coin offerings as monthly ICO proceeds build Source: CoinDesk The action against PlexCosps is a concrete indication of the SEC's interest in pursuing potential fraud in the mushrooming area of digital coin offerings Private firms have raised more than $3 billion this year alone by selling newly created cryptocurrencies, according to research firm Coin Desk This area of finance is largely unregulated and many companies involved aren't based in the U.S. or say the offerings aren't open to U.S. investors. Initial coin offering don't typically offer equity in a company issuing them. Rather, the offerings as more akin to crowdfundings, usually offering buyers of digital tokens the right to use them at some future date to buy a product or service the company plans to develop. The SEC has said it is focused both on the prospects for fraud in such sales, as well as the possibility that startups will sell tokens that should be registered as securities. The commission formed its cyber unit in September to focus on the area of cryptocurrencies In the PlexCorps action, the SEC alleged the company promised investors that their money would be going toward development of a new cryptocurency along with related products. Investors were also promised a return of 1.354% over 29 days on their investment. The SEC also alleged the company claimed to have a group of experts around the world working on the project, but had only few employees in Quebec The commission further alleged the company purposefully kept secret the involvement of Mr. Lacroix, who had previously violated securities laws in Canada Investment manias throughout the centuries have ranged from tulips to tech stocks to housing; is bitcoin different? Image/Video: Daniel Epstein The Commission alleged Ms.Paradis-Royer converted the money the company received into other cryptocurrencies Lacroix allegedly used the funds for "extravagant" personal expenses. The PlexCoin token was traded thinly-it was listed on only three minor cryptocurrency exchanges. But the coin had traded as high as 80 cents apicce on Friday. On Monday morning, it was trading at 7 cents, according to the website Coinmarketcap This first Cyber Unit case hits all of the characteristics of a full-fledged cyber scam and is exactly the kind of misconduct the unit will be pursuing Cohen, chief of the SEC's cyber unit. as well as fiat currencies. It added that she and Mr ords English (US)