Promises dressed up as token sales, or ICOs, are still making the rounds, at least until the New Jersey securities watchdog interferes. Two fraudulent crypto-investment schemes were given a cease-and-desist order, breaking the fundraising that was targeted at retail investors.
The so-called Zoptax and Unocall ICOs attempted to raise funds through an online offering, triggering legislation against offering unregistered securities. Zoptax Coin was deemed to be a security not exempt from registration in the state of New Jersey. The Unocall project also sold an unregistered security, based on the promise for a dividend-like payout through staking.
“Today’s action demonstrates that our Bureau of Securitie...
