The former Texas cleric and his wife have recently been <a href="https://www.sec.gov/litigation/litreleases/2020/lr24787.htm" target="_blank" rel="noopener">charged</a> by the US Securities and Exchange Commission for defrauding hundreds of investors. The SEC alleged that the used the TeshuaCoin, an alkaline water-backed cryptocurrency, to con the investors.
<h2>Couple Con The Investors</h2>
On April 03, 2020, the SEC claimed that Larry Donnel Leonard and Shuwana Leonard stole around $500,000 from its investors. The couple earned this much amount by selling a bogus stock certificate, an alkaline water-backed cryptocurrency and a non-existing Bitcoin mining operation to the investors.

According to the report, the accused mainly conned the African-American community in their scheme. The SEC has also charged allegations on Leonards both companies i.e., Tehsua Business Group and Teshuater.

The offenders have been using the alkaline water bottle company, Teshuater, to sell the counterfeited stock. The report suggests that the soon the alkaline water bottle company would earn short -term investment returns of up to 3,000 percent and would raise up to $291,044.07.
<h2>Larry Leonard Claims TeshuaCoin Better Than Bitcoin</h2>
The SEC also alleged Larry Leonard of shilling TeshuaCoin, which is a fully functioning cryptocurrency of Teshuater.

The culprit, while comparing the usability of TeshuaCoin to Bitcoin, claimed that TeshuaCoin is better because the bottled alkaline water, Teshuater, supports it. But actually, it was not so, Teshuater never backed TeshuaCoin. The SEC in its mentions that Leonard expected to raise $20 million with his scheme and till date, he and his wife have earned $170,395.20.

A report suggests that Leonard also stole around $25,544.96 from investors in Teshuater’s non-existent bitcoin mine. But according to the agency, the culprit never invested in it. It (SEC) mentioned that he also failed to unveil the risky nature of Bitcoin mining.

The report added that to date, the couple has conned total of 500 investors and stole $486,984.28 from them.

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SEC Accuses Accuses Texas Couple With Fraudulent Water-Backed Token Sale

The former Texas cleric and his wife have recently been charged by the US Securities and Exchange Commission for defrauding with hundred of investors.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

SEC Accuses Accuses Texas Couple With Fraudulent Water-Backed Token Sale

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