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

 


It was really fun seeing you fight for us. You have an amazing way of thinking out of the box.


 

Beth M.

LATEST NEWS AND ARTICLES

1774288690 Law
March 23, 2026
FINRA Charges Sutter Securities and Former CEO in Excessive Trading Case Involving Elderly Client

The Financial Industry Regulatory Authority (FINRA) has filed an enforcement complaint against Sutter Securities Inc.

1774034084 Law
March 20, 2026
McKinsey Forecasts Sweeping Changes for Wealth Management Over the Next Decade

The U.S.

1773930497 Law
March 19, 2026
Stifel Faces Proposed ERISA Class Action Over 401(k) Fund Performance

According to ThinkAdvisor, Stifel Financial now faces a proposed class action lawsuit that accuses the firm of mismanaging its profit sharing 401(k) retirement plan in violation of the Employee Retirement Income Security Act (ERISA).