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ICO issuer charged with fraud by US SEC for allegedly diverting proceeds to South African gold mining entities

( January 6, 2022, 21:33 GMT | Official Statement) -- MLex Summary: Initial coin offering issuer Crowd Machine Inc. and its founder, Craig Sproule, were charged by the US Securities and Exchange Commission alongside Metavine Inc., another company founded by Sproule, with defrauding investors in Crowd Machine’s ICO. Sproule, an Australian citizen, allegedly diverted more than $5.8 million in ICO proceeds to gold mining entities in South Africa while telling investors that the proceeds would be used to develop new technology. Sproule, who referred to himself in social media postings as the “Man behind the Machine,” agreed to pay $195,000 to settle charges relating to an unregistered offer and sale of digital asset securities....

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