The U.S. Securities and Exchange Commission charged a former Texas pastor and his partner for allegedly defrauding a peck of buyers by means of an basic water-backed cryptocurrency, TeshuaCoin.
Larry Donnell and Shuwana Leonard had been charged Friday with defrauding buyers by allegedly stealing much $500,000 inside the sale of phony inventory certificates and shilling an basic water-backed cryptocurrency and a non-existent bitcoin mining operation.
The Leonards are accused of particularly focusing on the African-American group on this alleged scheme. Their firms, Teshua Business Group and Teshuater, are additionally named as defendants.
The Leonards allegedly tried to promote phony inventory of their basic water bottle firm, Teshuater, which they expressed would yield "short-term investment returns of up to 3,000 percent" supported the criticism. This raised $291,044.07.
Larry Leonard can also be accused of shilling Teshuater's "fully functioning cryptocurrency," TeshuaCoin.
The criticism says he in contrast TeshuaCoin's usableness to bitcoin (BTC) and touted its "unique" attribute - it was backed by Teshuater's bottled basic water. The SEC alleges TeshuaCoin was not really backed by Teshuater. Leonard allegedly raised $170,395.20 out of his goal $20 million by means of this scheme.
Leonard allegedly stole a further $25,544.96 from buyers in Teshuater's non-existent bitcoin mine. The SEC expressed he didn't disclose the speculative nature of bitcoin mining and by no means really invested the taken medium of exchange system imagination inside the mine.
Along the best way, the couple is alleged to have taken $486,984.28 from 500 whole buyers.
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