The SEC has charged New York-based Unicoin and three top executives with misleading over 5,000 investors, allegedly raising more than $100 million through false claims about crypto asset offerings and company stock. In a complaint, the SEC accused CEO Alex Konanykhin and other senior executives of promoting 'rights certificates' tied to Unicoin tokens through misleading statements. The complaint includes the general counsel, Richard Devlin, who misled investors in private placement memoranda. Without admitting wrongdoing, Devlin has agreed to pay a penalty and accept a permanent injunction. The SEC claims that Unicoin made fictitious promises about its tokens being backed by valuable real estate assets, which were actually worth much less than claimed. They also falsely stated their tokens were registered with the SEC and inflated the amount raised from $3 billion to just over $110 million. The SEC seeks injunctive relief, disgorgement, civil penalties, and bans for the executives involved.

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