SEC Charges Amir Bruno Elmaani, aka Bruno Block, for Unregistered ICO in Sale of Pearl Tokens
The
Securities and Exchange Commission (SEC) has charged
Amir Bruno Elmaani, aka “Bruno Block,” for conducting an illegal securities offering in an initial coin offering (ICO) and for a plan to profit by issuing millions of unauthorized tokens for himself at no cost and selling them into the secondary market.
In the complaint, the SEC alleges that in 2017 Elmaani sold “Pearl tokens” that was actually an unregistered security. His venture was called “Oyster” and apparently raised $1.3 million. The SEC notes that in December 2017, one digital asset commentator even named Pearl tokens a “hottest pick.”
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Sputnik International
Litigation Release No. 24980 / December 9, 2020
Securities and Exchange Commission v. Amir Bruno Elmaani, Civil Action No. 1:20-cv-10376 (S.D.N.Y. filed December 9, 2020).
The Securities and Exchange Commission today charged Amir Bruno Elmaani, who goes by the online alias Bruno Block, for conducting an illegal securities offering of digital tokens and for his scheme to profit by minting millions of unauthorized tokens for himself at no cost and selling them into the secondary market, thereby causing the value of others tokens to plummet.
As alleged in the SEC s complaint, in the fall of 2017, Elmaani offered and sold tens of millions of digital tokens called Pearl tokens in connection with his venture, Oyster Protocol. According to the complaint, the Pearl tokens were securities, but Elmaani s offer and sale of Pearl tokens was not registered with the Commission. The complaint alleged that Elmaani unlawfully raised approximately $1.3 million through his unregistered sale of Pe