SEC charges former US senator with $4.3 million crypto scam

In the midst of the health crisis the United States Securities and Exchange Commission (SEC) has filed a complaint against a United States sentator. David Schmidt, who is a former Republican state senator has been accused together with a pair of other individuals in conducting a cryptocurrency scam for $4.1 million. SEC has frozen his assets and other emergency relief in an effort to end an ongoing securities fraud.

According to SEC’s complaint, the senator, Robert Dunlap and Nicole Bowdler marketed and sold a digital asset called “Meta 1 Coin” which was in reality an unregistered securities offering. They allegedly raised that sum from about 150 investors, some of whom lived in the US, then they used those money to fund their lavish lifestyles.

It’s horrible that some people choose this vulnerable time to take advantage of others.

Rightfully so, he deserves it.

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All scammers do, unfortunately most get away with it. :frowning:

Former senator, unbelievable.

“$215,000 Ferrari.”

This must be a thing with scammers. Scam people. Buy Ferrari. They must all read the same book.

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I know, right? What is it with scammers and Ferraris, why not buy some other expensive, flashy brand.

A federal judge in Texas issued warrants for the arrest of former Republican Washington state Sen. David Schmidt and Robert Dunlap, who have been charged with $4.3 million ICO scam. The two men failed to appear at a hearing with the U.S. Securities and Exchange Commission (SEC), and according to the latter, continue to run their “Meta 1 Coin” scam scheme.