ICO industry went from bad to worse after SEC obtained restrictions on Argyle Coin on this Tuesday.

Argyle Coin, as it’s owner Jose Angel Aman proclaimed, is a “diamond-backed cryptocurrency”. The idea of the ICO was to convince investors to spend their money on diamonds mining and cutting process, turning it into “fancy colored brilliants” for the future resell.

However, it turned out to be a pack of lies, and now Argyle Coin is accused of being a ponzi scheme with more than 300 investors who gave it about $30 millions. As SEC proclaims, Aman was selling unregistered securities and used these funds for the other business payouts.

In fact, Aman was managing three businesses: Argyle Coin, Natural Diamonds Investment Co, and Eagle Financial Diamond Group Inc. All three companies were tied to the one ponzi scheme. Believe it or not, there was not a single diamond in all of these three companies. Aman used a good old ponzi scheme collecting money from unsuspecting investors.

Aman took credit for $10 millions and used this money wisely. Firstly, he gave away some of the investors funds. Secondly, Aman brought home the bacon and paid for his son horse riding lessons. What is more, he had the time of his life renting a fancy house and purchasing horses. Well, maybe he just loved horses so much that he had to commit a financial crime.

Everything comes with a price. The SEC lays the charge to Argyle Coin, Aman and his business partners in fraud. The Federal Trade Commission has already frozen all of Aman’s assets. Also, SEC asks the U.S. District Court for the Southern District of Florida to compel Aman to disgorge all illegal funds.