SEC Runs Initial Coin Offering Scam

The newest, fabest ICO (Initial Coin Offering) pre-sale went live yesterday, the HoweyCoin.

It offers a 15% bonus if you buy now, a number of executives who don’t exist, over 1% daily returns (go figure) and celebrity promoters.

Sound fishy?

It is.

If you click on the link, it takes you to the Investor-dot-gov website that announces: “If you responded to an investment offer like this, you could have been scammed – HoweyCoins are completely fake!”

This little exercise was backed up by the article in today’s Wall Street Journal that noted that in their study of 1,,450 digital coin offerings, it found 271 with red flags that include plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams.

http://www.howeycoins.com/index.html

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
This entry was posted in accredited investor, Banks, checkbook, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, fraud, Funding Portals, Investments, Jobs, Legislative Intent, review, SEC, Small Business, technology, VC, Venture Capital and tagged , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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