The Securities and Exchange Commission (SEC) announced today that it has charged Virginia- based company Boontech and its founder Rajesh Pavithran for fraud and failure to register the firm’s tokens that were sold as investment securities.
According to the SEC’s announcement, between November 2017 and January 2018, Boontech sold $5 million worth of its tokens, Boon Coins, to more than 1,500 investors in the United States, without registering the digital asset with the regulatory body.