ICO Issuer Faces up to Five Years in Jail Over Defrauding Investors

Maksim Zaslavskiy, a Brooklyn businessman, will be sentenced to up to five years’ imprisonment after pleading guilty before a New York federal judge for deceiving cryptocurrency investors, US Department of Justice announced on Thursday. Zaslavskiy is the owner of the now-defunct Initial Coin Offerings (ICOs) – REcoin and DRC World.

In September 2017, US Securities and Exchange Commission (SRC) shut down the two ICO projects for violating federal securities laws and working as Ponzi schemes. Zaslavskiy was marketing REcoin as “the first ever cryptocurrency backed by real estate” and claiming that he had raised between $2 million to $4…

This article appeared first on Cryptovest

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