“The first licensed and regulated tokenized cryptocurrency exchange & index fund based in the US.” The ICO promoters even invented their own regulatory authority, which seems to have really irked the regulators.
According to the ICO’s website, Blockvest (BLV) is an ERC20 token based upon Ethereum. “Blockvest Nvestnodes generate passive income through asset-backed profit sharing smart contracts. At its core, BLV is a security token that’s representative of the top performing cryptocurrency index.”
According to the SEC’s complaint, Blockvest and Ringgold, who also goes by the name Rasool Abdul Rahim El, were falsely claiming their crypto fund was “licensed and regulated.” Black vest and Ringgold also allegedly misrepresented Blockvest’s connections to an accounting firm.