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Aussie Man Charged by SEC for Running $40 Million ICO Scheme


Well-Known Member
The American regulator SEC charged an Australian man named Craig Sproule, as well as his two companies – Crowd Machine and Metavine – with fraud and raising some 40.7 million US dollars through illicit ICOs. According to the charges, said Initial Coin Offerings funds were raised between January and April of 2018.

Said charges were filed at a Californian court. According to them Sproule allegedly lied to users about the ICOs being offered, which turned out to be unregistered. He also allegedly falsely promised them that their investment would be used for developing new tech for Metavine, which would allow the platform to function on a decentralized network for the investors’ own personal use.

Sproule then diverted some 5.8 million USD of the invested money to a gold mining operation in South Africa without notifying his clients.
Hopefully, justice will be served sooner or later. Preferably sooner rather than later.

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