The U.S. Securities and Exchange Commission (SEC) has cut a penalty on a firm that made an initial digital money supply (ICO) of $ 30 million. The US financial regulator is reporting that the firm was doing ICOs illegally and did not consult with him.
The main name behind the company is Boaz Manor, partners and CG Blockchain Inc, according to a press release issued on January 12., with BTC Inc., its firms violated federal securities laws. Manor has both Canadian and Israeli citizenship, the SEC said, adding that he himself has committed fraud in addition to a violation of securities laws.
Manor and its business partners are known to want to set up a blockchain-based risk fund, promising to save all transactions on the network. Manor is also known for promising to provide a high-end trading experience for” professional cryptocurrency investors." In September August 2017 and 2018, the US financial regulator investigated the complaints and found that this was fraud.
It has been recorded that manor identified himself as “Shaun MacDonald,” an employee of his New Jersey-based partner, Edith Pardo. The fact that Pardo is also an Israeli citizen further reinforces the possibility of fraud. At that time, Manor and his colleagues had declared that 20 venture capitalists and funds were testing their own technologies, and that they had sent the prototype only to the funds of their choice.