The major ICO fraud case is becoming more complicated as the SEC now extends its charges. The alleged case involves the fraud of 30 million dollars, and the Securities and Exchange Commission is now charging three new defendants in the case.
Boaz Manor (convicted fraudster) led the fraud, and Edith Pardo (Boaz’s criminal associate). Pardon and Manor launched BCT Inc. and CG Blockchain, claiming to develop blockchain-based tools for hedge funds.
The companies alongside the proprietors were previously charged by the US securities regulator back in January 2020. Now, the regulator is extending the charges to three new defendants. Michael Gietz, Cristine Page (Cristina Page), and Ali Asif Hamid are the newly involved parties.
All three are charged for assistance or assistance in violation of anti-fraud provisions in the US security law. Moreover, the charges are related to the securities registration requirements as well. The defendants have to provide disgorgement merged with injunctive relief, penalties, and interest. Till now, Cristine has agreed to pay the settlement without owning any liability, meaning she will submit to the disgorgement while paying a penalty of 192,768 dollars after the court approves.
SEC made a statement that they are charging Gietz, Page, and Hamid with aiding and abetting and violating violations of the anti-fraud provisions of federal security laws alongside the security registration requirements. The complaint is filed in the US District Court with Ali Asif Hamid (Canada), Michael Gietz (Idaho), and Cristine Page (New York) being the defendants. They played executives roles in an Initial Coin Offering that claimed to offer tech to trade virtual assets. Plus, they hid Manor’s role as the firm’s head.
The ICO fraud worth 30 million dollars, involving Boaz Manor and Edith Pardo, has taken a new turn. Now the SEC is charging three more defendants who played executive roles in the fraud. The SEC made the latest statement, indicating the defendants’ charges and roles.