SEC issued a lifetime ban on trading securities for ICO fraud

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3 months ago
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The Securities and Exchange Commission (SEC) brought to justice the head of ICO Tomahawkcoins, David T. Lawrence, for fraud. He received a lifetime ban on trading securities and was charged $ 30,000 for his delict.

As reported, earlier Lawrence had already been found guilty of fraud associated with trading.

Lawrence is the head of the oil company Tomahawk Exploration LLC. In June 2017, he released Tomahawkcoins tokens, planning to raise $ 5 million during the ICO to exploit 10 oil wells in California. However, the SEC accused the ICO of providing knowingly false information to investors.