The Securities and Exchange Commission is seeking sanctions against the founders of an allegedly fraudulent initial coin offering who are not following court orders and may still be controlling investors’ missing money.

According to FinanceFeeds, the SEC went to New York’s Eastern District federal court for the sanctions against PlexCorps founders Dominic Lacroix and Sabrina Paradis-Royer. The regulator claims the two continue to ignore court orders concerning discovery, accounting of assets and repatriation of assets.

PlexCorp was believed to have raised $15 million from thousands of investors through an ICO of a PlexCoin cryptocurrency. The SEC claims only $810,000 of those funds were deposited with payment processor Stripe. The rest, the SEC claims, are still controlled in cryptocurrency wallets held by the founders. The SEC sued the company in December and the assets were frozen. They were frozen again in June.

The SEC told the court Lacroix is a “recidivist” and the two don’t intend to follow the previous court orders. The regulator also says the two will continue to spend investors’ missing assets.

 

ThirtyK Staff
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