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.