







The first, called the "Diamond Reserve Club" claimed to be "a token hedged by physical diamonds insured for their full value".





The second called RECoin promised "Revenues from the initial sale of tokens will be invested in the highly regulated real estate market in virtually all jurisdictions"





The SEC is claiming both claims are false, that both the diamonds and real estate assets never existed and there were no real plans to put the ICO promises into action.





website states: A statement on the now shut down Diamond Reserve Clubstates:





The now shut down Diamond Reserve Club





San Francisco News Desk

The founder of two ICO's, Maksim Zaslavskiy was arrested yesterday, charged with defrauding investors.For those who may have bought in and are asking what it means for you - the SEC is seeking to have all the money returned, on top of fines.We will be following this story for further development.-------