SEC v. Meta 1 Coin Trust

The SEC sues Meta 1 Coin Trust, its founder, and several associated individuals for orchestrating a fraudulent investment scheme. The defendants were accused of raising over $9 million from investors by selling a digital token called Meta 1 Coin, which they falsely claimed was backed by a $1 billion art collection and other assets. Instead of using investor funds to develop the coin or related projects, the defendants allegedly used the money for personal expenses, including luxury cars and a private jet.

The SEC charged the defendants with violating the antifraud and registration provisions of the federal securities laws. The SEC sought to recover ill-gotten gains, impose civil penalties, and obtain permanent injunctions to prevent further violations.

1:20-cv-00273