ICO organizer of REcoin is sentenced to a real prison term

by in Cryptocurrency News

Maxim Zaslavsky scam

Brooklyn-based 39-year-old Maxim Zaslavsky, who was found guilty of fraud in organizing two ICOs, was sentenced to 18 months in prison. This was reported by the attorney of New York.

Related: First ICO approved in France

Zaslavsky and his associates deliberately misled about 1,000 investors that the REcoin crypto coin they created was backed by real estate investments in developing countries. During the ICO, they managed to raise $2.8 million.

In August 2017, a Brooklyn entrepreneur launched a second cryptocurrency, calling it Diamond Reserve Coin, which was supposed to be provided with diamonds.

The total amount that victims invested in these fraudulent ICOs will be determined later.

In November 2018, Zaslavsky pleaded guilty and, according to his lawyer, was ready to return the money to investors, but his accounts were blocked.

Recall that during the consideration of this case, District Judge Raymond Deary ruled that ICOs are subject to securities law in criminal prosecution.