SEC Charges Grybniak And His Company Over Fraudulent ICO
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SEC Charges Grybniak And His Company Over Fraudulent ICO

January 22, 2020      Zain Raza

The United States Securities and Exchange Commission (SEC) has issued charges against purported blockchain-marketplace company Opporty International, Inc over their notorious and fraudulent activities involving initial coin offering (ICO). The allegations claimed that that the company was found guilty in their conduct regarding unregistered digital asset securities, their founder Sergii “Sergey” Grybniak is also accused of being involved wickedly.

The SEC’s complaint states that Grybniak and Opporty International hoised around $600,000 from approximately 200 investors in their unregistered ICO called “OPP tokens.” Grybniak and his company minced a heap of lies, a substantial number of superfluous statements to brainwash people and made them feel that the ICO was “SEC-regulated”, “ SEC-compliant”, and “SEC-registered” when that clearly wasn’t the case.

SEC’s complaint also covers and list down other diabolical deeds done by the guilty parties, and highlights them giving out third-party content without any prior approval or a yes from SEC, forming a facade that it is their very own platform which manufactured the content.

SEC’s also calls out Clever Solution Inc, another entity under the wings of Grybniak, as a relief defendant.

SEC’s Legal Claims Against Grybniak And His Company

The SEC charges have labelled them with charges of going against the provisions of 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 thereunder, and the registration provisions of Sections 5(a) and (c) of the Securities Act, and also charges Grybniak for lending a helping hand in Opporty’s violations.

The US regulating body seeks an authoritative permanent warning which is also conduct related and banning them from being involved in digital and other offering business. Furthermore, they want them taxed on the grounds of disgorgement, also penalising Grybniak and Opporty with civil misconduct. The New York Eastern District Court is currently hearing the case.

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Zain Raza
Zain Raza

Zain 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.