The Securities and Exchange Commission has charged crypto startup Unicoin, Inc. and four senior executives with orchestrating a fraudulent investment scheme that raised over $100 million from more than 5,000 investors.
According to the SEC’s complaint, the New York-based company falsely marketed its Unicoin tokens and related investment certificates as asset-backed and SEC-registered. Promoted with flashy ads in airports, NYC taxis, and TV spots, the offerings promised ties to billions in global real estate and equity in pre-IPO tech firms. In reality, the SEC alleges, those assets were largely fictional.
Named in the suit are CEO Alex Konanykhin, former president Silvina Moschini, former Chief Investment Officer Alex Dominguez, and general counsel Richard Devlin. The trio of senior executives is accused of misleading investors and violating federal securities laws, while Devlin allegedly issued false claims in private placement documents.
The SEC says Unicoin exaggerated its fundraising claims—boasting $3 billion in sales when it had raised just over $110 million—and misrepresented the legal status of its offerings. Konanykhin, the SEC claims, went further by offloading nearly 38 million rights certificates himself in unregistered sales.
The agency is seeking permanent bans, civil penalties, and the return of ill-gotten gains. Devlin has already agreed to settle, paying a $37,500 penalty without admitting wrongdoing.
