Friends making bad choices: The SEC, the Meta 1 ICO and civil contempt
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Quick Take
- The Meta 1 ICO involved sale of a token allegedly back by 1 billion dollars in assets, including fine art and gold mines
- The SEC filed suit, alleging securities fraud and the offering of unregistered securities, and the Court issued a TRO and preliminary injunction
- After Defendants failed to comply with Court orders, the SEC moved for a finding of civil contempt, and the Court agreed to imprison two of the defendants until they could prove compliance with the Court’s orders
The Meta 1 ICO involved sale of a token allegedly back by 1 billion dollars in assets, including fine art and gold mines.
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