Altcoin News: Alex Tapscott Will Pay a Fine of $148,000 and NextBlock $520,000 for Misleading Investors

May 14, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Entrepreneur Alex Tapscott will pay a $148,000 fine and conduct ethics workshops at three Canadian business schools in accordance with his agreement with the Ontario Securities Commission (OSC).

As reported in The Globe and Mail report, Alex Tapscott, blockchain-based company NextBlock Global Limited, filed an application for a public settlement of the issue last week.

OSC previously accused NextBlock and Tapscott of misleading investors at the time of collecting $20 million from 113 investors. Regulators claimed that Tapscott had fooled investors by providing them with information about the company’s alleged advisors, who were not really affiliated with the corporation.

Among the alleged advisors of the company are such well-known figures of the blockchain industry and cryptocurrencies, such as Kathryn Haun, Vinny Lingham, Vitalik Buterin and Karen Gifford. The scandal began in 2017 when Forbes appealed to the above-mentioned persons, who subsequently denied their involvement in the work of the company.

Tapscott’s lectures will be held over the next 18 months and will reportedly cover the same topics that he will write about in an open letter that will be published within a week. The Globe and Mail also note that Tapscott is not prohibited from running the company.

NextBlock will pay $594,000 during the settlement — $74,000 for the investigation and $520,000 as a fine.

Author: Marko Vidrih