(2022)
SEC v. Dragonchain
Year
2022
Criminal or Civil
Civil
Year Resolved
N/A (as of latest records, case was filed in 2022 and not yet resolved)
Jurisdiction (Court/State)
U.S. District Court for the Western District of Washington
Filed By
U.S. Securities and Exchange Commission (SEC)
Penalty/Fine (USD)
Not yet determined; SEC seeks disgorgement, civil penalties, and permanent injunctions
Lawsuit Overview
The SEC charged John Joseph Roets and three of his entities—Dragonchain Inc., Dragonchain Foundation, and The Dragon Company—for raising $16.5 million through unregistered securities offerings of Dragon tokens (DRGN) during a 2017 presale and ICO, and subsequent sales between 2019 and 2022.
Category
Unregistered Securities Offering (ICO)
Notable Individuals Involved
John Joseph Roets (Founder)
SEC Legal: Arsen R. Ablaev, Eric M. Phillips, Amy Flaherty Hartman, Carolyn Welshhans, Daniel J. Hayes
Investor Loss Estimate
Approximately $16.5 million raised from over 5,000 global investors
Final Outcome
Pending (litigation ongoing as of latest update)
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