The SEC (Securities and Exchange Commission) filed charges against businessman Maxim Zaslavsky on the first in the history of fraud in the initial placement of tokens (Initial Coin Offering, ICO).

The entrepreneur and his two companies Diamond Reserve Club World (DRC World) and REcoin Group Foundation sold securities, offering in exchange a non-existent REcoin crypto currency that supposedly was secured by real estate and diamonds. The businessman represented REcoin as the first such project.

According to Zaslavsky, the company's staff includes lawyers, accountants and brokers who are engaged in investing in real estate. In fact, the companies were completely fictitious and did not carry out any activities. With the help of ICO Zaslavsky managed to attract only about $ 300 thousand. investment, although he claimed investors about the amount of $ 2 million - $ 4 million.

By decision of the commission, the assets of the companies were frozen, and the businessman was charged with fraud and sale of unregistered securities. If Zaslavsky's fault is proved, he will be obliged to return the attracted investments and pay a fine, and the activities of his companies will be banned. Also, Zaslavsky will not be able to hold executive positions and deal with the placement of digital assets.