SEC Charges Donald Basile in $16M Crypto Fraud Over “Insured” Token
Cointelegraph
The SEC has charged executive Donald Basile with defrauding investors of $16 million through false claims regarding an “insured” crypto token called Bitcoin Latinum.Summary
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Donald Basile, alleging he orchestrated a $16 million fraud scheme between March and December 2021. Operating through Monsoon Blockchain Corp. and GIBF GP Inc., Basile allegedly sold Simple Agreements for Future Tokens (SAFTs) for Bitcoin Latinum, falsely claiming the asset was backed and insured. The SEC reports that no such insurance existed and that funds were misappropriated for personal luxuries, including real estate and a $160,000 horse. The regulator is seeking permanent injunctions, the return of ill-gotten gains, and a permanent ban on Basile from serving as an officer or director of public companies.
(Source：Cointelegraph)