SEC secures order to compel deposition of cryptocurrency fraudster Dominic Lacroix
One of the individuals behind PlexCoin, the cryptocurrency scheme that allegedly defrauded investors of $15 million, is ordered to appear immediately for a deposition.
The United States Securities and Exchange Commission (SEC) has managed to obtain an Order to compel the deposition of Dominic Lacroix, one of the defendants in a $15 million cryptocurrency fraud case. Earlier today, Magistrate Judge Robert M. Levy of the New York Eastern District Court signed the order in response to the Commission’s request.
Let’s recall that the regulator was displeased with the lack of response to its Interrogatories that sought information from the people behind PlexCorps, aka PlexCoin – Dominic Lacroix and Sabrina Paradis-Royer. The Interrogatories concern electronic mail addresses used by the defendants in connection with PlexCoin, their social social media accounts, and the electronic databases created or accessed containing PlexCoin investor information.
Last week, the Commission informed the Court that the defendants had ignored the April 30 deadline to respond to Interrogatories.
According to today’s order, defendant Dominic Lacroix is ordered to appear immediately for a deposition, limited to personal jurisdiction in New York.
It will be interesting to see whether Lacroix will finally comply with the US Court orders. Thus far, he has repeatedly refused to do so and has asserted that the SEC lacks jurisdiction to pursue such an action against him and his company.
The US regulator took an emergency action against Lacroix in December last year, accusing him and his partner Sabrina Paradis-Royer of violation of securities regulations in the United States, including the Securities Act of 1993 and the Securities Exchange Act of 1934. The defendants allegedly misappropriated investor funds illegally raised through the fraudulent and unregistered offer and sale of securities called “PlexCoin” or “PlexCoin Tokens” in a purported “Initial Coin Offering”. The scam has been running since August 2017, the Commission says.
Lacroix and Paradis-Royer defrauded investors and engaged in other deceptive acts relating to investments in the PlexCoin Token, despite having both been enjoined by a Quebec tribunal from engaging in the activities that are the subject of the SEC action.
