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SEC Sues Unicoin for $100M Fraud Over Fake Property and Token Sales
Unicoin misled investors by promoting token offerings as backed by over $1.4 billion in nonexistent real estate deals.
The SEC found Unicoin falsely claimed it raised $3 billion in sales, while actual revenue was just over $100 million.
The CEO allegedly sold 38 million unregistered rights certificates, targeting unqualified investors in a widespread marketing campaign.
The U.S. Securities and Exchange Commission has filed a civil lawsuit against cryptocurrency firm Unicoin, accusing the company and four of its senior executives of orchestrating a fraudulent scheme exceeding $100 million in value.
As cited in the SEC’s complaint, Unicoin said its digital tokens were backed by real estate in several countries. Executives reportedly claimed that between September 2023 and January 2024, the company secured properties in Argentina, Thailand, Antigua, and the Bahamas valued at more than $1.4 billion.
SEC Alleges Only a Fraction of Real Estate Claims Were Real
However, the SEC’s investigation revealed that most of the announced real estate transactions never reached completion. The few deals that did proceed amounted to less than $300 million in value, falling far short of the public claims.
The agency also disclosed that Unicoin overstated its sales figures to attract more investors. Public statements indicated the company raised $3 billion by June 2024. In contrast, actual sales reportedly totaled just $110 million.
Named Executives Face Legal Action for Securities Violations
The SEC lawsuit names CEO Alexander Konanykhin, former board chair Maria Moschini, general counsel Richard Devlin, and ex-chief investment officer Alejandro Dominguez. These executives allegedly violated securities laws by offering and selling unregistered investment products.
Konanykhin is specifically accused of personally selling nearly 38 million rights certificates to investors who did not meet the legal qualifications to buy them. These certificates were promoted as high-return opportunities.
Marketing Campaigns Featured Promises of Massive Returns
In its complaint, the SEC noted that Unicoin launched an aggressive marketing effort, promoting returns as high as 9 million percent. These campaigns ran across taxis, ferries, television, public kiosks, and digital billboards, portraying the investment as extremely lucrative.
Unicoin’s CEO has publicly denied the charges and intends to defend the company in court. The SEC is pursuing civil penalties, the return of ill-gotten gains, and leadership bans for the involved executives.
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