The Shocking Case of Boaz Manor
In a plot twist that’s almost too wild for Hollywood, the United States Securities and Exchange Commission (SEC) has unveiled a case against a group that allegedly raised over $30 million through a phony initial coin offering (ICO). Boaz Manor, a convict with a past as colorful as a rainbow on fire, is at the center of this web of deceit.
Who Was Involved?
Alongside Manor, who holds dual citizenship in Canada and Israel, is Edith Pardo, his business associate, and two companies: CG Blockchain Inc. and BCT Inc. SEZC. The SEC’s complaint details how these brilliant minds decided to test the waters of investment fraud between August 2017 and September 2018.
Fraudulent ICO: The Master Plan
What was the master plan, you ask? To develop a “blockchain terminal” that would revolutionize hedge fund tech. Sounds fancy, right? However, the reality was of a different breed. The defendants claimed they had a whopping 20 hedge funds eagerly employing their technology. But here’s the kicker: they merely sent out one prototype that, shockingly, no one used!
Identity Theft, Anyone?
Manor took “hiding in plain sight” to a whole new level by masquerading under the alias “Shaun MacDonald.” Apparently, his impressive track record for pretending to be someone else dates back to a previous prison sentence for siphoning off $106 million from another hedge fund. Talk about a comeback story.
The SEC Strikes Back
The SEC during this affair has been nothing short of relentless. Joseph G. Sansone, the chief of the SEC’s Market Abuse Unit, quipped, “As alleged in our complaint, Manor’s brazen scheme to conceal his identity deprived investors of essential information.” It’s almost like they have a hotline for alleged crime: “They took our money! Help!”
What Happens Next?
As for the legal aftermath? The U.S. Attorney’s Office for the District of New Jersey has also charged Manor and Pardo, signaling that the feds aren’t just going to let this one slide. The SEC is seeking not just the return of the stolen funds, but also penalties and bans from future securities dealings. Want the drama? It’s probably going to play out in court like a binge-worthy series.
Investor Warnings
In light of this case, the SEC released a friendly reminder for investors to tread carefully with ICOs, especially if they seem too good to be true. And let’s be real: in a world full of shiny crypto coins and investment dreams, caution may just be the best currency.
