The US Securities and Exchange Commission (SEC) has charged blockchain startup, Opporty International and its founder, Sergii Grybniak, for conducting an illegal ICO.

The US SEC has alleged that the blockchain startup raised about $600,000 from almost 200 investors through an illegal ICO. According to the commission, Opporty international sold OPP tokens which were unregistered digital assets securities.

It alleged that Opporty lied to its investors that their ICO was regulated, compliant and registered with the SEC. The commission furthermore alleged that Opporty indulged in illegal acts.

The SEC claims Opporty misappropriated third party content without approval or attribution, to create the false impression that actual users of the chad platform created such content. It further claimed that, the defendant forcefully mentioned to its potential investors that they had more than 6,000 verified providers on board.

The commission has alleged that Opporty has violated five sessions of the Securities and Exchange act. It is seeking permanent injunctions prohibiting the offering of digital or other securities, discouragement plus interest and civil penalties against Opporty and Grybniak. The SEC is also seeking an office-and-director bar against Grybniak.

Clever Solution Inc., another business owned by Grybniak was also named by the SEC as a relief defendant.