SEC Charges Another ICO Issuer in Claim of Illegal Securities Offering

The Securities and Exchange Commission (SEC) has filed charges once again targeting an initial coin offering alleging the act was an unregistered security offering.

According to the SEC, Rivetz Corp., Rivetz International SEZC, and Steven K. Sprague, the President of Rivetz and CEO of Rivetz International sold digital assets designated as “RvT tokens” to the general public, including US investors, for the purpose of capitalizing Rivetz’s business.

The SEC’s complaint alleges that between June and September 2017, the company sold digital tokens to more than 7,200 investors worldwide for approximately $18,000,000. Over 30% of these investors were said to be located in the United States. The White Paper claimed that Rivetz was building a “Global Attestation and Identity Network,” powered by the token.

The SEC alleges that the defendants’ offers and sales of RvT were not registered with the SEC and did not qualify for any exemption from registration.

The SEC’s complaint, filed in the District of Massachusetts, charges the defendants with violating the securities registration provisions while seeking injunctive relief, the return of allegedly ill-gotten gains plus prejudgment interest, and a civil penalty.

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