SEC files fraud charges against Unicoin executives

The U.S. Securities and Exchange Commission (SEC) has filed fraud charges against crypto project Unicoin and three of its executives. According to the regulator, the company misled thousands of investors by claiming its tokens would be backed by billions of dollars in real assets — including real estate and equity in pre-IPO companies — while in reality making exaggerated and false statements.

SEC Names Company Leaders in Lawsuit

The lawsuit names Unicoin chairman and CEO Alex Konanykhin, former CEO and current board member Silvina Moschini, and former investment director Alex Dominguez. The SEC claims the company promoted unregistered investment products through a massive advertising campaign — including ads in airports, on thousands of New York taxis, on TV, and across social media.

Unicoin claimed to have sold over $3 billion worth of token certificates and to have SEC registration, but the agency says actual sales were closer to $110 million and no such registration occurred.

Over 5,000 Investors Affected

The SEC alleges that more than 5,000 investors bought Unicoin certificates based on false promises. The agency accuses the company and its executives of violating federal securities laws and anti-fraud provisions. Additional charges were brought against Unicoin’s legal counsel, Richard Devlin, who agreed to pay a $37,500 penalty without admitting guilt.

The SEC seeks to recover ill-gotten gains, impose civil penalties, and cover legal expenses. Konanykhin previously stated that Unicoin rejected an SEC settlement proposal, calling the terms «unacceptable.»