The US Securities and Exchange Commission (SEC) accused Latvian citizen Ivars Auzins of organizing several fraudulent schemes related to cryptocurrencies.
According to the SEC, in 2018 Ivars Auzins launched an initial token offering (ICO) called Denaro. The fraudster collected about $ 11 million and disappeared with the investors’ money.
In another scheme called Innovamine, the Latvian promised investors big profits from the “cloud mining” of cryptocurrencies. In this case, the fraudster embezzled about $ 7 million.
Auzins is accused of organizing six more similar schemes. The Latvian citizen used various project names and registered companies in the UK for a short time to give them legitimacy in the eyes of investors.
In a lawsuit filed with the court, the SEC requires Auzins to be banned from participating in any securities offerings. Also, the regulator is seeking a return of funds received from American investors.
Let’s remind that recently the American trader Jeremy Spence, known under the pseudonym “Coin Signals”, confessed to cryptocurrency fraud. He faces up to 10 years in prison.
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