![](https://steemitimages.com/DQmeNu9gja1gC7k8fwh2KjZg7wPSW65pxNXjPoF4cvxBwsC/image.png)

The Securities and Exchange Commission on Friday charged businessman Maksim Zaslavskiy with fraudulently running two initial coin offerings (ICOs), a form of largely unregulated investment vehicle in which companies take investors’ cash or cryptocurrency in exchange for “crypto-tokens.” The SEC has warned for months ICOs may work as a way for scammers to illegally dodge the strict rules placed on regular investments. In a statement, the agency alleged Zaslavskiy did just that:

> "The SEC alleges that Maksim Zaslavskiy and his companies have been selling unregistered securities, and the digital tokens or coins being peddled don’t really exist. According to the SEC’s complaint, investors in REcoin Group Foundation and DRC World (also known as Diamond Reserve Club) have been told they can expect sizeable returns from the companies’ operations when neither has any real operations."

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