SEC accuses former pastor of crypto fraud amounting to $500 000

[vc_row][vc_column][vc_paragraph text=”The US Security Exchange Commission sued the two Texans who are accused of crypto fraud.“][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Crypto fraud amounting to half a million dollars” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”SEC claims that Larry Donell Leonard and his wife Shuana Leonard have attracted over $500 000 from 500 investors. They used different means including selling their own digital currency known as TeshuaCoin. They mislead the investors saying their token works the same as Bitcoin. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”In addition to that, that coin was supported by the Teshuater LLC products (the alkaline waters producer owned by Leonards). But this was just a marketing strategy since TeshuaCoin was neither functional nor supported by any physical product.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”By all possible means, the couple have managed to raise $170 395,20 on token sales, and the goal was to get $20 million. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Leonard used to be a pastor in Texas so he took advantage of people’s trust.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”According to the Comission’s data, he mainly tricked African-Americans. The fraudster has also attracted investments for mining – about $ 25 544,96. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”As SEC stated, he hadn’t informed the investors about the speculative nature of mining. In fact, he never directed money to mining preferring to make speculative deals with options.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The third scam was associated with raising funds for his alkaline waters producer Teshuater LLC.”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”He is suspected in selling fake certificates ” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”luring investors with the promises of short term investment profit of 3000%. This was Leonard’s most successful fraud which brought him $ 291,044.07. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”SEC accused both Donell and his wife Shuana of violating the anti-fraud legal provisions of Securities Law. The Commission aims to cancel all the illegal profits by injunction and civil penalties.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The regulator continues its anti-fraud measures in crypto industry accusing several companies of breach of the Securities Law. Currently the Commission is involved in Telegram token sales investigation (Telegram project has attracted about $1,7 billion), and in Kik case (the company is accused of selling illegal securities).”][/vc_column][/vc_row]