SEC has fined Alex Tapscott for misleading investors

The Commission on securities and exchange Commission (SEC) fined the owner and co-author of the bestseller the Blockchain Revolution Alex Tapscott, reports CoinDesk.

Representatives of Department declare that specialises in cryptoanalytic the canadian Foundation NextBlock released unregistered securities and provided false information in the description of the project, introducing investors astray. SEC appointed the founding NextBlock Alex Tapscott a penalty of $25 thousand.

In addition, the SEC stated that it took note of measures to remedy the situation, «immediately taken» Tapscott and NextBlock, including a fine of 700 thousand canadian dollars (about $520 million), which the company paid on demand of the securities Commission of Ontario (OSC).

Sec by ForkLog on Scribd

In addition, as reported by The Globe and Mail, Tapscott will pay a fine of $148 000 in the next 18 months will hold seminars on ethics in three canadian business schools in accordance with its agreement with the OSC. Also the edition notes that Tapscott not allowed to run the company.

The investment Fund NextBlock Global was founded in the summer of 2017. At the same time the company raised $20 million to invest in digital assets, including bitcoin and Ethereum. As they said, Tapscott, cryptocurrencies are the Internet-based assets (Internet of Value) and «upside-down literally everything» — from financial services to power networks.

After that, the investment Fund announced its intention to enter the stock exchange of Toronto. However, in the fall of 2017 Alex Tapscott announced the abandonment of these plans and promised to return the funds to investors. This decision followed the release of the Forbes investigation, which revealed that at least four of the declared site NextBlock Global advisors to the project have no relation to him and deny that gave their consent to use their names.

Among the advisers were listed NextBlock member of the Board of Directors Coinbase Catherine Hawn, CEO of blockchain startup Civic Vinnie Lingham, special adviser to Ripple, Karen, Gifford and Vitalik’s father Baterina and co-founder BlockGeeks Dmitry Buterin.

We will remind, last summer was published the second edition of the book Blockchain Revolution authored by Alex Tapscott and his father don Tapscott is the founder of the Institute for blockchain studies.


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