SEC Charges Unicoin and Execs With $100 Million Offering Fraud

Unicoin, Top Executives Charged in Offering Fraud That Raised More than $100 Million from Thousands of Investors

The Securities and Exchange Commission today charged New York City-based Unicoin, Inc. and three of its top executives—CEO and Board Chairman Alex Konanykhin; Silvina Moschini, former president, former board chairwoman, and current board member; and former Chief Investment Officer Alex Dominguez—for false and misleading statements in an offering of certificates that purportedly conveyed rights to receive crypto assets called Unicoin tokens and an offering of Unicoin, Inc.’s common stock.

“We allege that Unicoin and its executives exploited thousands of investors with fictitious promises that its tokens, when issued, would be backed by real-world assets including an international portfolio of valuable real estate holdings,” said Mark Cave, Associate Director in the SEC’s Division of Enforcement. “But as we allege, the real estate assets were worth a mere fraction of what the company claimed, and the majority of the company’s sales of rights certificates were illusory. Unicoin’s most senior executives are alleged to have perpetuated the fraud, and today’s action seeks accountability for their conduct.”

Trump and Dump

… We have talked a couple of times recently about the latest thing, which is that he announced he would have a dinner party where he invited whoever bought the most Trumpcoin. “The democratization of … bribery,” I called it.

There was, as it were, a record date for the dinner: Whoever owns the most Trumpcoins as of May 12 gets to go to the dinner. It is now May 20. If you bought enough Trumpcoins to be on the list on May 12, you get to go to the dinner. You don’t need them anymore. The buying pressure to get to the dinner pumped the price, and now, you know….

Of course? What else would anyone be doing? Do you think Trump cares? Do you think if you show up and say “lol I dumped all my coins on May 13,” he’ll be like “I can’t believe you do not have long-term confidence in my meme token”? Come on. Do you think the Trump-connected promoters of the coin were selling it into the demand for the dinner? What are we doing here?

Obviously it’s bad for the president of the United States to be doing this nonsense but what are you gonna do….

SEC Chair Atkins pledges to develop crypto policy, defends staffing reductions

The Securities and Exchange Commission’s new leader said May 20 that he’s taking the regulator in a different direction and is prioritizing work on a cryptocurrency framework.

SEC Chair Paul Atkins also said in testimony before Congress that the agency has sufficient resources to oversee the nation’s capital markets despite losing more than 600 employees this year — roughly 15% of its staff — to the Trump administration’s buyout and early retirement offers.

“We miss, obviously, their expertise, but we have plenty of good expertise there at the commission and I intend to tap into that,” Atkins, who was sworn in as SEC chair last month, told lawmakers on the House Appropriations Financial Services and General Government Subcommittee.

Democrats on the subcommittee raised concerns over the SEC’s reduced staffing, but Atkins said he’s confident the agency will continue to function well.

“I share your concerns to make sure that we fill the spots that are needed, but I think it’s good to every once in a while have a house cleaning and to have a reorganization and to look at what’s going on,” Atkins said in response to a question from Rep. Steny Hoyer, D-Md.

Haliey Welch Passes the Buck on Hawk Tuah Coin After December’s HAWK Scandal

Haliey Welch, better known as “Hawk Tuah Girl,” is now distancing herself from last December’s failed HAWK memecoin — despite previously calling it a fully compliant, fan-focused token she was proud to launch.

In a new episode of her Talk Tuah podcast, Welch claimed she was questioned by the FBI and handed over her phone to the SEC, but was ultimately “cleared” of wrongdoing.

“They went through my phone, so they cleared me. I was good to go,” she said. “I wish we knew then what we know now.” She also dodged direct responsibility, instead framing herself as an unwitting pawn: “I don’t have anything to hide.”

JPMorgan Chase CEO Jamie Dimon makes stunning reversal on bitcoin

JPMorgan Chase, the largest US bank, will soon allow clients to buy bitcoin — despite CEO Jamie Dimon’s persistent criticism of the world’s largest cryptocurrency.

Dimon, 69, announced the major U-turn at the bank’s annual investor day on Monday, where speculation continued to swirl over the future of the veteran banker, who has been in the top job for nearly two decades.

“We are going to allow you to buy it,” Dimon told investors. “We’re not going to custody it. We’re going to put it in statements for clients.”