Description
The SEC sues Dropil and it’s three founders for conducting a fraudulent and unregistered ICO. The company raised approximately $1.8 million from around 2,500 investors by selling DROP tokens. Dropil marketed the DROP tokens by claiming that the funds would be used to trade digital assets through an automated trading bot named Dex, which the SEC found to never be operational. Dropil claimed Dex would generated significant profits for investors.
Legal Significance
The SEC charged Dropil and it’s founders for violating federal securities laws, including fraud and the unregistered offering of securities.
Status
Settled
Case No.
8:20-cv-00793
Date Filed
April 23, 2020
Plaintiff
SEC
Defendant
Dropil Inc.Jeremy McAlpineZachary MatarPatrick O'Hara
Court
USDC Central District of California
Plaintiff Counsel
Daniel Oren BlauJacob A Regenstreif
Defendant Counsel
The Crypto LawyersF.J. Seibert LLCLiang Ly LLPAlvaradoSmith PC
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