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Thursday, December 3, 2020

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Home Business & Finance SEC seeks judgement after 'no show’ in $9M Meta 1 Coin fraud...

SEC seeks judgement after ‘no show’ in $9M Meta 1 Coin fraud case

Document Analysis NLP IA

293
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1:27
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neutral
sentiment

Sentiment-0.037698412698413
objective
redaction

Subjectivity0.29920634920635
probably it's an affirmation
Affirmation0.33888888888889

Highlights

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Key Concepts (and relevance score)

Summary (IA Generated)

S.

Securities and Exchange Commission has requested a default judgment against three companies and four individuals associated with the allegedly fraudulent art and gold-backed cryptocurrency Meta 1 Coin.

The defendants are Meta 1 Coin Trust, Clear International Trust, and Ironheart Trust, and individuals Robert P.

They are accused of defrauding at least 500 investors worldwide out of $9 million in exchange for crypto tokens that Meta 1 Coin allegedly fraudulently represented as being backed by either $1 billion worth of fine art assets or $2 billion worth of gold.

According to a lawsuit filed by the SEC in March, no fine art collection, gold holdings, or even digital currency ever existed, and investor funds were spent on personal expenses.

”.

Meta 1 allegedly told investors that coins purchased through its pre-initial coin offering would appreciate in value from $22.

Pramana allegedly received $1 million in funds for investment into Meta 1, with Shamoun also accused of using $215,000 to purchase a Ferrari.


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