SEC to Further Sanction Alleged Crypto Scammers

US Regulator Moves to Sanction Plexcoin’s Lacroix and Paradis Royer

United States Security and Exchange Commission (SEC) is reportedly seeking additional sanction against alleged crypto scammers Dominic Lacroix and Sabrina Paradis-Royer of Plexcoin fame. According to Maria Nikolova of Financefeeds, the two continue to defy court orders.

Financefeeds is reporting the US SEC seeks sanctions against people behind alleged cryptocurrency scam Plexcoin, Dominic Lacroix and Sabrina Paradis-Royer. It is claimed both, who’ve been the subject of the regulator’s ire for almost two years, continue to disobey court orders.

Nearly a year ago, these pages recorded the then new Cyber Unit division of the SEC. Over three months later, the branch filed its first charges against what it alleged was an initial coin offering (ICO) scam. Mr. Lacroix and his company, Plex Corps, are accused of offering a token capable of yielding’a 1,354% profit in less than 29 days. ”’

Additionally, it seems”Mr. Lacroix was found in contempt of court in October of the year,’after an application filed with the Autorité des marchés financiers,’ the Quebec-based regulator noted. This came following a Tribunal over the summertime found Mr. Lacroix guilty of violating securities law,” we recorded, showing the current SEC action wasn’t the first time he has been accused of skirting court orders.

SEC to Further Sanction Alleged Crypto Scammers
The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, DC, U.S., June 24, 2011. REUTERS/Jonathan Ernst

Defiance

The continuing situation from the SEC from the pair seemingly has no ending in sight. The situation”proceeds in the New York Eastern District Court, together with the US regulator having hard time to generate the defendants co-operate, or, in least, comply with Court orders,” Financefeeds notes. This week that the SEC requested the court to compel and sanction both, since”defendants continue to ignore court orders regarding accounting, discovery of resources and repatriation of resources.”

US Regulator Moves to Sanction Plexcoin's Lacroix and Paradis-Royer

The court has had a continuing problem as far back as last year, if it required bookkeeping for the money accepted by the various alleged plans. But according to reports, nothing. No ensured documentation. “Additionally,” Ms. Nikolova insists,”in August this year, the Court ordered that, by September 18, 2018, the Individual Defendants are to submit to the Commission all things ordered produced from the December Order, including, but not restricted to, the accounting of investor capital as well as the list of Personal Defendants’ accounts and resources. Nonetheless, the defendants have produced the accounting and record of resources repatriated any funds”

The SEC action at the first place was to find a deal what authorities saw as a hemorrhaging of money out of unsuspecting investors. There’s currently the anxiety that a courtroom dragging its feet on proper sanctions and moves could possibly induce successful regulating of the ICO set in to impotence. “The ruler cautions the” Financefeedsproceeds,”absent the sanction it asks, the defendants may use this strategy forever, including possibly following the entry of a preliminary injunction. Delaying the inevitable final decision only raises the probability that Dominic Lacroix and Sabrina Paradis-Royer will continue to dissipate investor assets in breach of this Court’s orders, the SEC states.”

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