A Latvian citizen was accused of setting up the fraudulent projects

The SEC has filed a lawsuit seeking an injunction to prevent him from participating in any securities offerings

03.12.2021 - 11:45

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1 min

What’s new? The US Securities and Exchange Commission (SEC) has filed charges against Ivars Auzins, the Latvian citizen who set up several fraudulent cryptocurrency projects.

Information on the SEC website

How did events develop? According to the SEC, the Auzins' criminal activity began in 2018. At that time, he launched an initial public offering of tokens called Denaro, raising around $11 million, before absconding with the depositors' money. Another scheme called Innovamine was built on the principle of making a big profit from “cloud mining” of the digital assets, in which Auzins embezzled around $7 million. He is accused of setting up six more similar schemes.

What awaits the scammer? The SEC has filed a lawsuit seeking an injunction to prevent Auzins from participating in any securities offerings. Christina Littman, Chief of the SEC Enforcement Division’s Cyber Unit, added:

"As we allege, Auzins was engaged in a scheme to defraud retail investors under the guise of profitable digital asset opportunities. We will continue to detect those who have become victimized investors in the digital asset space."

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