Tr?id=566623520170033&ev=PageView&noscript=1

SEC Charges Unregistered Crypto Assets Advisor and Owner With Fraud

Posted on September 30th, 2022 at 11:09 AM
SEC Charges Unregistered Crypto Assets Advisor and Owner With Fraud

From the Desk of Jim Eccleston at Eccleston Law.

The Securities and Exchange Commission (SEC) has charged Chicago Crypto Capital along with its owner, Brian Amoah, and two former salesman, Darcas Young and Elbert Elliot, for allegedly defrauding investors in connection with an unregistered offering of crypto asset securities.

Amoah, Young, and Elliot used their Chicago-based firm to conduct an unregistered offering of BXY tokens, according to the SEC. The SEC’s complaint alleged that the offering raised nearly $1.5 million from at least 100 investors between August 2018 and November 2019. The BXY offering was not a registered offering and failed to satisfy any exemption from registration, while none of the defendants were registered with the SEC.

The complaint further alleged that the defendants made materially false and misleading statements regarding the custody and delivery of BXY, the markup charged by the firm, the delivery of account statements, and their own personal investments in BXY. Some of the investors never received their BXY tokens, while each investor paid an undisclosed markup on their BXY tokens, according to the SEC.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors, sec

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I cannot thank you enough for your guidance. It's a good feeling knowing someone is fighting for you.

Matt J.

LATEST NEWS AND ARTICLES

1786980584 Law
August 17, 2026
Federal Judge Allows Investor Class Action Over Lightstone REIT Disclosures to Proceed

A federal judge has allowed investors to proceed with a class-action lawsuit alleging that directors and advisors of three Lightstone Value Plus REITs failed to disclose a significant conflict of interest before shareholders voted on amendments extending the funds' operating periods.

1786734880 Law
August 14, 2026
Cash Sweep Litigation Continues to Drive Legal Costs

Cash sweep litigation continues to increase legal costs for wealth management firms despite the Securities and Exchange Commission's (SEC) decision under the Trump administration to close pending investigations without imposing enforcement penalties, according to AdvisorHub.

1786636784 Law
August 13, 2026
FINRA Orders Centaurus Financial to Pay $1.1 Million Over Variable Annuity Supervision Failures

The Financial Industry Regulatory Authority (FINRA) has ordered Centaurus Financial Inc.