The Unicoin Crypto Investment Platform has finally returned the fraud demand for the stock exchange and securities after three months, accusing the agency to distort its regulatory statements to build a case.
Unicoin told a federal judge in New York on Wednesday that the demand of the SEC must be dismissed since “eliminates communications fragments and distorts its meaning and context; it treats routine financial projection and optimism as fraud; and ignores the sober warnings of Unicoin on risk.”
“More strangely, the SEC plays the unicoin disseminations in the company’s own presentations and incorrectly reformulate these revelations as a deception proof,” he added.
In May, the SEC demanded Unicoin, its CEO Alex Konanykhin, the member of the Board Silvina Moschini and the former investment chief Alex Dominguez, claiming that they raised $ 100 million through deceptive investors on certificates that transmitted rights to receive tokens and actions of Unicoin.
SD needs a higher test standard, says Unicoin
Unicoin argued that the SEC had gathered its claims and its accusation that the company violated the securities laws needed more evidence.
“The fraud of securities demands more. It requires a false statement, made with Scivor, that reasonable investors would have trusted,” he wrote. “Where, as here, the risks that the SD identifies were revealed openly and repeatedly, those elements cannot be met.”
He argued that the demand of the SEC was a “shotgun allegation” that did not present a reason for the alleged actions of UNICOIN and was based on circumstantial evidence, “semantics and erroneous characterizations of statements taken totally out of context.”
SEC says that Unicoin cheated tokens, certificates
The SEC claimed that Unicoin made deceptive statements by saying that billions of dollars in real world assets, such as real estate and capital in the companies prior to Latin, would support their next tokens and rights certificates.
The regulator said that in reality, the assets were worth a fraction of what he affirmed and that the company had misrepresented its financial situation.
The agency claimed that Unicoin said it sold more than $ 3 billion in rights certificates when the company had only sold $ 110 million, and falsely announced the tokens and certificates as registered.
Unicoin shoots the SC -affirms
In his presentation, Unicoin argued that the SEC’s statement that cheated investors about the support of their token depended on the statements “taken completely out of context”, since the executives had said that the company was backed by the assets, not in their next tokens.
Related: Sec to focus on the ‘clear’ crypto regulations after the Ripple: Atkins case
When executives said the Token was backed by the assets, Unicoin argued that “at no time no defendant said that Unique would work as a fully guaranteed investment.”
He added that the tokens had not yet been created, and the SEC was trying to fix it for “expressions of forward optimism.”
Unicoin said that the demand of the SEC had prevented him from being able to caress the chips and support them with assets, while their demand seems to be responsible “for not creating tokens that are fully guaranteed by active assets of the real world.”
He added that the SEC had combined the agreement and value of the property of the company’s real estate transactions, some of which claimed to have revealed to investors, were still in the process of closing.
Unicoin asked the court to dismiss the demand of the SEC with prejudice, which means that it would be prevented from reduced the complaint.
Magazine: The change of direction of the SEC in Crypto leaves key questions without response