The “Man behind the Machine” began diverting more than $5.8 million from the proceeds to gold mining entities in South Africa without disclosing this to investors. crypto cryptocurrency
The U.S. Securities and Exchange Commission has charged an Australian citizen who called himself the “Man behind the Machine” in a fraudulent crypto scheme that raised almost $41 million. He and his companies made “materially false and misleading statements in connection with an unregistered offer and sale of digital asset securities.”The SEC announced Thursday charges against Australian citizen Craig Sproule and two companies he founded for “defrauding Investors.
The securities watchdog also said that Crowd Machine and Sproule did not register their offers and sales of CMCT tokens. In addition, they knowingly sold the tokens without determining whether the investors were accredited.Sproule and Crowd Machine misled investors about how they were using ICO proceeds, spending funds on an entirely unrelated scheme.
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