Co-Founder Of PlexCoin Gets Frozen ICO Account Once Again

ICO Frozen

In 2017, a co-founder of the PlexCoin cryptocurrency project has been sued for violations and fraud. And now, another issue arises involving U.S. Securities and Exchange Commission (SEC) taking action against him.

On June 15, Dominic Lacroix’s – also known as “a recidivist Quebec securities law violator,” according to the agency – assets were frozen due to SEC’s emergency court order, declaring a “full-fledged cyber scam.”

Lacroix, together with the project’s other co-founder Sabrina Paradis-Royer and their firm PlexCorp, had their assets frozen in a similar order due to securities fraud last December.

$15 million was allegedly raised from thousands of investors through the ICO. SEC supposed that the $810,000 was deposited with payment processor Stripe. On the other hand, cryptocurrency wallets still have an undiscovered amount remaining controlled by the firm. Regarding an SEC litigation release, it was assumed that Lacroix has been tapping into those funds since the previous freeze.

As the agency stated:

“Lacroix had been using secret accounts, including an account in his brother’s name but which he controlled, to improperly dissipate for personal use digital assets obtained from investors during the PlexCoin Initial Coin Offering.”

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