SEC requests entry of default against ICOBox and founder Nikolay Evdokimov

Maria Nikolova

The defendants are accused of conducting an illegal $14 million securities offering of ICOBox’s digital tokens and of acting as unregistered brokers for other digital asset offerings.

The United States Securities and Exchange Commission (SEC) has filed a request for an entry of default against ICOBox and Nikolay Evdokimov – defendants in a securities fraud lawsuit at the California Central District Court.

As per the SEC’s application, filed earlier this week with the Court, the regulator requests that the Clerk enter a default against ICOBox and Nikolay Evdokimov for failure to answer, plead, or otherwise respond to the complaint filed in this action.

On September 21, 2019, the SEC caused ICOBox and Nikolay Evdokimov to be served with a copy of the summons for each respective defendant and the complaint. The SEC personally delivered these documents at an address in Beverly Hills, California, which serves as Evdokimov’s residence and as an office for ICOBox, to Evdokimov’s co-resident and wife, and apparently in charge of the office.

ICOBox’s and Evdokimov’s answer or other response to the Complaint was due on October 15, 2019. No answer or other response has been filed or served by the defendants, the regulator explains.

ICOBox, a company claiming to be “Blockchain Growth Promoter and Business Facilitator for companies seeking to sell their products via ICO crowdsales”, and its founder Nikolay Evdokimov are accused of conducting an illegal $14 million securities offering of ICOBox’s digital tokens and of acting as unregistered brokers for other digital asset offerings.

According to the SEC’s complaint, ICOBox raised funds in 2017 to develop a platform for initial coin offerings by selling, in an unregistered offering, roughly $14.6 million of “ICOS” tokens to over 2,000 investors.

According to the regulator, by not registering the ICOS offering, the company deprived investors of meaningful information that would be found in a registration statement that investors could use to assess the company’s prospects. By actively soliciting and attracting investors to ICOBox’s clients’ securities offerings in exchange for transaction-based compensation without registering as or associating with a registered broker-dealer, the defendants are alleged to have engaged in unregistered broker activities that violated the federal securities laws.

The SEC’s complaint charges ICOBox and Evdokimov with violating the registration requirements of the federal securities laws. The regulator seeks injunctive relief, disgorgement with prejudgment interest, and civil money penalties.

Read this next

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

<