The U.S. SEC has filed a lawsuit against Unicoin and its three executives, accusing them of false and misleading statements during fundraising.

On May 21, the U.S. Securities and Exchange Commission (SEC) yesterday filed a lawsuit against New York City-based Unicoin and three of its executives — CEO and Chairman of the Board Alex Konanykhin, former President and Chairman of the Board and current Director Silvina Moschini, and former Chief Investment Officer Alex Dominguez — accusing them of selling "Certificates of Stake" and Unicoin Making false and misleading statements about the Company's common stock. The "Certificates of Stake" supposedly give investors the right to acquire crypto assets called Unicoin in the future. The SEC alleges that Unicoin promoted the certificate of interest to the public through massive marketing campaigns, including ads at major airports, thousands of taxis in New York City, and on television and social media. Unicoin and its executives are suspected of getting more than 5000 investors to purchase these certificates of equity through the following false and misleading statements. Unicoin and Konanykhin also violated securities laws by selling certificates of interest to the public without registration. The indictment alleges that Konanykhin violated the law by selling more than 37.9 million of his personally held certificates of interest in order to offer better prices and attract investors who would otherwise be prohibited from participating in the company's investments in order to circumvent the registration exemption clause. In a lawsuit filed in the U.S. District Court for the Southern District of New York, the SEC alleges that Unicoin, Konanykhin, Moschini, and Dominguez violated the anti-fraud provisions of the federal securities laws, that Unicoin and Konanykhin violated the registration requirements of the Securities Act of 1933, and that Konanykhin was "controller" responsible for certain of Unicoin's fraud. The SEC seeks a permanent injunction against all defendants to return ill-gotten gains and pay prejudgment interest and civil penalties, as well as prohibiting Konanykhin, Moschini, and Dominguez from serving as officers or directors of any public company.