SEC Charges Founder of Crypto Startup Crowd Machine With Fraud

“As alleged, Sproule and Crowd Machine misled investors about how they were using ICO proceeds, spending funds on an entirely unrelated scheme,” Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit said in the statement. “We will continue to hold accountable issuers of digital asset securities who fail to provide fulsome and truthful disclosure to the public,” she added.

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