The U.S. SEC announced yesterday that it had stopped what sounds like the most brazen fake ICO yet. According to the complaint, Blockvest LLC not only falsely claimed that it had obtained SEC approval, it also used the SEC seal without permission (a violation of federal law) and promoted the ICO with a fake agency called the “Blockchain Exchange Commission” (using a graphic similar to the SEC’s seal and the same address as SEC headquarters).
The complaint seeks injunctions, return of ill-gotten gains plus interest and penalties, and a bar against its principal (Reginald Buddy Ringgold, III) to prohibit him from participating in offering any securities, including digital securities, in the future or making misrepresentations about regulatory approval. The federal court in California issued an order freezing defendants’ assets and other emergency relief.
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David Zaslowsky
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David Zaslowsky is partner in the Litigation Department of Baker McKenzie's New York office. He helps companies solve complex commercial disputes in arbitration and litigation, especially those involving cross-border issues and Section 1782 discovery. David has a degree in computer science and, as a result, has worked on numerous technical-related disputes, including, most recently, those involving blockchain and artificial intelligence. In April 2025, Attorney Intel named David one of the top 25 blockchain lawyers in the country. He is the editor of the Firm's blockchain blog and co-editor of the firm's International Litigation & Arbitration Newsletter. David has been included for a number of years in the Chambers USA Guide and Chambers Global Guide for his expertise in international arbitration. He also sits as an arbitrator and is on the roster of arbitrators for a number of arbitral institutions. David sits on the Board and chairs the governance committee of the New York International Arbitration Center, and is a founding member of the International Arbitration Club of New York. For over 35 years, he has written and spoken often on the subjects of arbitration and international litigation.