Two fraudulent ICO projects stopped in New Jersey

Posted 08 August, 2019

Canadian and US regulators, coordinated by the North American Association of Securities Administrators (NASAA) and New Jersey officials, issued emergency orders against two New Jersey-listed ICOs: Zoptax and UNOcall.

The Securities Bureau announced that ICOs were involved in fraud securities distribution. In particular, Zoptax raised between $500,000 and $3.4 million from the sale of Zoptax tokens, and the UNOcall project, in addition to selling tokens, offered investments with daily interest payment from 0.18% to 0.88%.

The New Jersey Attorney General's Office claims that the organizers provided investors with false information and misled them during the campaings. Law enforcers issued warrants under which the platforms must stop all activities with investors.

The lack of clear regulatory rules did not prevent the prosecutor's office from protecting state citizens from fraudsters.

The New Jersey Attorney General said:

“[The] Bureau of Securities stands ready to enforce our investor protection laws in cases involving initial coin offerings and cryptocurrency-related investment schemes. As innovation in the online cryptocurrency-related investment market continues, market players need to understand that the rules still apply to them.”

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