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

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

December 8, 2025
Former Morgan Stanley Advisor Faces FINRA Action Over Undisclosed Loans from Elderly Client

FINRA filed a complaint against former Morgan Stanley advisor Kirk J. Crossen, alleging that he borrowed $400,000 from an 84-year-old customer experiencing early-stage dementia and concealed the loans from his firm.

December 5, 2025
FINRA Fines Wedbush Securities for Margin-Securities and Disclosure Failures

The Financial Industry Regulatory Authority (FINRA) ordered Wedbush Securities to pay $150,000 after identifying significant compliance and supervisory failures involving customer margin securities and required bond-pricing disclosures.

December 4, 2025
Webull Faces Scrutiny After Alleged Account Breach and Penny Stock Manipulation

An emerging investigation into Webull Financial centers on allegations that an unauthorized third party infiltrated the firm’s security systems, accessed customer brokerage accounts, liquidated existing holdings, and used the proceeds to purchase shares of Ten-League International Holdings Ltd.