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Meta 1 Coin Company Assets to be Sealed by SEC

Zain Raza by Zain Raza - 11:05 PM May 28, 2020
Meta 1 Coin Company Assets to be Sealed by SEC

The United States Securities and Exchange Commission has registered yet another triumph as a US court has taken its side in a case involving a former US state senator. The former senator was the leading face of a Meta 1 coin project which promised preposterous returns as high as 200,000 within twelve months.

The SEC has been actively involved in the case for some time now with the first complaint by a regulatory filing in March. The project was found guilty of breaching the regulations, being fraudulent and a scam. The US court has finally permitted SEC to freeze the assets of the Meta 1 coin company.

How Meta 1 Coin Appealed to The Masses

Meta 1 coin was a Ponzi scheme which was founded by Nicole Bowdler and Robert Dunlap in April 2018. Before SEC got aware it managed to raise $4.3 million from investors which didn't carry any suspicious elements. The project claimed that it has the backing of $1 billion art collection with peculiar work of art from legends such as Picasso and Van Gogh.  It also told its gullible audience that the meta 1 tokens are gold-backed in the value of $2 billion.

The company decided to use the former US senator Dave Schmidt as some sort of a brand ambassador and also promised over a 200,000 return. They claimed that the $22.22 token price as offered in the ICO would skyrocket to $50,000 within 24 months.

People fell for the gimmick given the ludicrous promise and involvement of  Schmidt, who although had a blemished history as in 2011 he was accused of using his campaign money for his own personal desires. The ICO reportedly raised $9 million.

However, the Meta 1 coin fraudulent scheme is still existing on the internet despite orders from a judge of the Texas court.  The SEC also emerged victorious in its case with Telegram regarding its controversial TON project.

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About The Author
Zain Raza

Zain RazaZain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

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