The grand jury in Cleveland declared a five-count indictment while accusing the three residents of Quebec of being involved in the PlexCoin initial coin offering (ICO) scam, <a href="https://www.justice.gov/usao-ndoh/pr/quebec-trio-charged-running-fraudulent-cryptocurrency" target="_blank" rel="noopener">announced</a> the United States Department of Justice.

On July 24, the US Attorney Justin Herdman revealed that the grand jury had indicted the founder of PlexCoin, Dominic Lacroix (38), Yan Ouellet (36) and Sabrina Paradis-Royer (26).
<h2>Defendants Influences Investors To Buy PlexCoin</h2>
The Cleveland grand jury in its indictment mentioned that from May 2017 to December 2017, the three offenders conspired to influence unknown investors so that they start purchasing PlexCoin from PlexCorp.

It further stated that the litigants were using the cryptocurrency, which had been offered by PlexCorp as an ICO, to defraud the investors. The defendants used the investors’ money to make themselves rich.

It is to be noted that the investors used the ICOs to buy almost $8 million worth of Plexcoin.

On July 24, the US Attorney Justin Herman commented on the grand jury’s indictment and stated, “While technologies and the means to make investments may change, one thing remains constant – securities fraud ruins lives and deprives victims of their hard-earned money and savings.”

He further said that for most people digital currency investment is a new thing, therefore, before investing in it, the people should research about it.
<h2>SEC Seizes Lacroix’s Assets</h2>
As per the report, in July 2017, Lacroix decided to not introduce the ICO in the market. But it was launched in August 2017 and because of that, the opposition charged Lacroix with contempt of court charges, for that he was sentenced with two-month jail.

Lacroix and his company DL Innov were also sentenced to pay $110,000 fine.

Soon the United States SEC started keeping an eye on PlexCoin’s movement. In December 2017, the agency made another attempt to halt the ICO fraud, in which Lacroix’s company earned around $15 million from the investors, by seizing Lacroix’s assets.

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US Grand Jury Indicts Three People Behind PlexCoin Scam

The grand jury in Cleveland declared a five-count indictment while accusing the three residents of Quebec of being involved in the PlexCoin ICO scam.

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.

US Grand Jury Indicts Three People Behind PlexCoin Scam

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