Unicoin and Executives Face SEC Charges for Alleged $110 Million Crypto Fraud

The US Securities and Exchange Commission has charged New York-based Unicoin and three of its key executives with allegedly deceiving investors and raising over $100 million through false claims about crypto asset offerings and company stocks.

In a complaint lodged with the Southern District of New York, the SEC accuses Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former Chief Investment Officer Alex Dominguez of promoting “rights certificates” related to Unicoin tokens through allegedly deceptive statements.

The complaint implicates general counsel Richard Devlin for misleading information in private placement memoranda. Without admitting wrongdoing, Devlin has consented to pay a $37,500 penalty and accept a permanent injunction.

Mark Cave, an associate director in the SEC’s Division of Enforcement, commented that Unicoin and its executives allegedly misled investors with promises of substantial real-world asset backing, which turned out to be significantly overstated.