Authorities in North America seem be among the most proactive in the world with regards to dealing with individual ICOs. The latest example of this comes from Canada where the man behind Plexcoin is now facing jail time while an investigation against him is still ongoing.
Plexcoin Founder Going to Prison
Québec’s Autorité des Marchés Financiers (AMF), the regulatory and supervisory body of the Canadian province’s financial sector, has announced that the perpetrator of the PlexCoin ICO scam will be going to jail and will have to pay a large penalty along with his company.
The Quebec Superior Court sentenced Dominic Lacroix and DL Innov Inc. on Friday to two months imprisonment and fines totaling $110,000 for contempt of court, the maximum penalties applicable by the law.
This penalty is among the most severe ever given for contempt of court by the tribunal, the AMF notes. This is while the asset freezing orders against Dominic Lacroix and DL Innov Inc. are maintained and the AMF is continuing its investigation to determine whether charges will be laid against the accused and his company in this case.
Ongoing Cases in the US and Canada
As was reported at the time, Dominic Lacroix and DL Innov Inc. were convicted of contempt of court on October 17, 2017. The judge then pointed out that the evidence filed by the AMF demonstrated beyond doubt that Dominic Lacroix and DL Innov Inc., under the brand of Plexcorps and Plexcoin, had continued to solicit and offer consumers an investment in Plexcoin, an ICO token, despite the fact that they were targeted by orders preventing them from doing so since July 20, 2017. The judgment declaring Dominic Lacroix and DL Innov Inc. guilty of contempt of court was appealed.
Earlier this month the US Securities and Exchange Commission (SEC) revealed its recently created Cyber Unit has filed a complaint against the ICO promoters “that raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month.”
What do you think about this court ruling? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
Want to create your own secure cold storage bitcoin paper wallet? Check our tools section.
Use Bitcoin and Bitcoin Cash to play online casino games here.