Fun

Presidential Candidate Brock Pierce Served With Lawsuit for Alleged ICO Fraud

News Feed - 2020-09-16 09:09:43

Presidential Candidate Brock Pierce Served With Lawsuit for Alleged ICO Fraud


Former Disney child actor and U.S. Presidential candidate, Brock Pierce, was served with a lawsuit during a political campaign event held on Monday. The class-action lawsuit was filed in May and it claims the defendants, including Pierce, sold unregistered securities during the EOS initial coin offering (ICO).


Last May, a class-action lawsuit on behalf of any person who purchased or received EOS tokens during the June 2017 ICO was filed against a number of firms and company executives behind the EOS project.


The lawsuit named Brock Pierce, but also Block.one cofounders Daniel Larimer and Brendan Blumer are named as defendants too in the matter. The complaint says that Pierce alongside other Block.one leadership is “accountable for duping global investors in what may be the biggest of all crypto frauds.”Brock Pierce at the campaign event in NYC on Monday, September 14, 2020.


Moreover, the court filing details that Block.one operated in Hong Kong and the state of Virginia, but it is registered in the Cayman Islands. Even though the startup did not register with the U.S. Securities Exchange Commission (SEC) or seek exemption from registration, it still sold 900 million EOS tokens.


The class action accuses the company and executives of “aggressively marketing to investors in the United States and other countries.” Ultimately the plaintiffs believe EOS “left investors with an unregulated asset that became virtually worthless.”


Meanwhile, on Monday the former child actor and now crypto billionaire, Brock Pierce, held a campaign rally in New York City. Later in the day, a video of the rally surfaced from the CEO of Typhon Capital Management, James Koutoulas, who is a member of the plaintiff’s counsel in the EOS class-action lawsuit.


In the video, Pierce is served with the court subpoena while he is greeting a number of political supporters in New York. Koutoulas tweeted about the entrepreneur being served during his rally.


“Our team served Brock Pierce for securities fraud at his rally in NYC,” Koutoulas said. “Pro tip- when you’re trying to avoid getting served for a multi B fraud case, maybe lay off outlandish presidential campaigns.”


Koutoulas further added:As we progress in holding this conman accountable, feel free to reach out if you lost money after buying eos in the ICO or on exchange.


Pierce’s official Twitter account and campaign did not release a statement in response to the securities fraud allegations. Instead, Pierce thanked everyone for coming out to the campaign event in NYC later in the day. He also said he was “glad to see that [his] candidacy is being taken so seriously,” when his campaign story was featured on the front page of the New York Post.


Brock Pierce is also well known in the cryptocurrency space and his campaign website also details how he has raised billions of dollars during the crypto ecosystem’s early days. Pierce is also running against the hip hop star, Kanye West, who is campaigning for POTUS against the Republican incumbent Donald Trump and Democrat challenger Joe Biden as well.


Block.one was already in trouble with the SEC last year and the organization settled with the U.S. regulator for $24 million or 0.6% of the $4 billion ICO funds. “Institutional funds that were lied to by Block.one have a duty to all their investors – large and small – to take action against fraudsters and con artists,” said Koutoulas.


What do you think about Brock Pierce being served with a lawsuit against the EOS initial coin offering (ICO)? Let us know what you think about this subject in the comments section below.US Company Accepts Bitcoin Payments for Luxury Planes, as $40M Gulfstream Jet Goes on SaleNEWS | 2 hours agoMad Money"s Jim Cramer "Fixated" on Buying Bitcoin, Fears Massive InflationNEWS | 15 hours agoTags in this storyattorneys, block.one, Brock Pierce, Class-Action, Donald Trump, EOS, EOS Fraud, EOS Token Sale, ICO, ICO 2017, initial coin offerings, James Koutoulas, Joe Biden, Kanye West, Lawsuit, multi B fraud case, New York Post, POTUS, Presidential candidate, SEC, Served, Subpoena, U.S. Regulator


Image Credits: Shutterstock, Pixabay, Wiki Commons, Twitter,Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimerShow comments

News Feed

Tom Blackstone4 hours agoEvmos, Swing, Tashi, Wormhole team up to solve Cosmos liquidity problemsTashi and Swing will integrate Wormhole bridged tokens for USDC, USDT, wETH, and others, potentially making Cosmos DeFi eas
US Congress Weighs Bill Spelling Out CFTC’s Crypto Derivatives Oversight
The U.S. Congress will soon vote on a bill providing new information about the Commodity Futures Trading Commission’s (CFTC) authority over the cryptocurrency derivatives markets.
Bahamas Regulator Disputes FTX’s Claim About Value of Seized Cryptocurrencies
Bahamas Regulator Disputes FTX"s Claim About Value of Seized Cryptocurrencies The Securities Commission of the Bahamas has disputed FTX’s claim that the value of the cryptocu
Crypto Taxes 2022: Here’s What You Need to Know According to CoinTracking
Crypto Taxes 2022: Here’s What You Need to Know According to CoinTracking press release PRESS RELEASE. Crypto changes quickly, with new tax laws and regulations coming to several
Ethena Labs adds Bitcoin backing to its USDe synthetic dollar
Brayden Lindrea8 hours agoEthena Labs adds Bitcoin backing to its USDe synthetic dollarUSDe is already backed by Ether, Ether-based liquid staking tokens and Tether, but Ethena says Bitcoin will provide a more “safe”
Prashant Jha11 hours agoWorldcoin launch sparks debate over data privacy and future of AIThe Worldcoin launch has sparked a new debate on the future of decentralized identity, artificial intelligence and whether iris-sca
‘Dr. Doom’ Nouriel Roubini to Launch Tokenized Dollar Replacement — With Payment and ESG Features
"Dr. Doom" Nouriel Roubini to Launch Tokenized Dollar Replacement — With Payment and ESG Features Economist Nouriel Roubini, a crypto skeptic known as “Dr. Doom,” i
Russian Government to Present Regulatory Scenarios for Cryptocurrencies Within a Week, Report
Russian Government to Present Regulatory Scenarios for Cryptocurrencies Within a Week, Report The federal government of Russia should be ready with different regulatory scenarios f
India’s Crypto Trading Volume Plummets as New Tax Rules Enter Into Force
India"s Crypto Trading Volume Plummets as New Tax Rules Enter Into Force Crypto trading volumes in India have plummeted following the new tax law entering into force. The new rules
Biggest Movers: DOGE up 30%, Following Twitter Logo Change
Biggest Movers: DOGE up 30%, Following Twitter Logo Change Dogecoin continued to trade close to a four-month high on Tuesday, following a 30% price surge to start the week. The ral
Nigerian Central Bank Seeks New CBDC Tech Partner — Bank Urged to Improve E-Naira User Experience
Nigerian Central Bank Seeks New CBDC Tech Partner — Bank Urged to Improve E-Naira User Experience More than a year after it launched its central bank digital currency with partne
US Senator Wants Congress to Step in With Crypto Guidance — Urges SEC to Provide Much More Clarity on Regulations
US Senator Wants Congress to Step in With Crypto Guidance — Urges SEC to Provide Much More Clarity on Regulations U.S. Senator Pat Toomey says Congress should step in and provide