The stated that Unicoin marketed and sold what they called “rights certificates” that allowed investors early access to Unicoin tokens as well as equity in the company. They claimed that the certificates were backed by real-word assets, including an international portfolio of valuable real estate and private equity interests.
But regulators say those claims were far from the truth. The assets Unicoin advertised were allegedly grossly overstated, and the promised registration with the SEC was never completed. The company, which claimed to have raised $3 billion, had in fact brought in only about $110 million from over 5,000 investors.
“The majority of the company’s sales of rights certificates were illusory,” said Mark Cave, Associate Director of Enforcement at the SEC. “Unicoin and its executives exploited thousands of investors with fictitious promises.”
