PlexCoin ICO Scam ($15 million)
Dominic Lacroix from Quebec, Canada founder of PlexCoin during it’s pre-ICO inflated the number of subscribers of their ICO to create FOMO (Fear Of Missing Out).
In August 2017, Dominic Lacroix collected funds from investors buying into an Initial Coin Offering (ICO)—basically a fundraising round wherein people buy digital tokens from a startup—for the called PlexCoin. PlexCoin offered eye-popping returns, but its claims about employing a global team of experts were bullshit.
Lacroix was ordered to stop the launch of PlexCoin by Quebec’s financial regulator in July, 2017 but went ahead with the ICO anyway. For that, Lacroix earned a contempt of court charge in Quebec, Canada and had his assets frozen in the province.
PlexCoin and Lacroix were given some small portion of justice in Canada to serve two months in jail and personally pay a fine of $10,000 Canadian Dollar. His Quebec-based company, DL Innov, was also fined: $100,000.
In November, 2017, the United States Securities and Exchange Commission followed Quebec’s lead and filed a complaint against PlexCoin, Lacroix, and his partner Sabrina Paradis-Royer.
The PlexCoin ICO was finally halted in December 2017 by the US Securities and Exchange Commission (SEC) in response to an official complaint that founder Dominic Lacroix was defrauding American and Canadian investors. The complaint alleged that Lacroix was advertising an astronomically high return of 1,354% (that the SEC determined was unable to be delivered), pushing forward a group of fake experts to bring legitimacy to his project, and trying to obscure his past financial crimes, which included defrauding investors in a micro-loan venture.
The SEC froze all of the $15 million gathered through the ICO from its launch in August 2017.
PlexCoin’s legal saga is probably not finished after as the company still has the US feds on its tail.
PlexCoin is one of the largest attempted ICO exit scams in history, which thankfully was nipped in the bud
https://www.sec.gov/news/press-release/2017-219
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