![]() ![]() The company’s website further states “Bitcoin Latinum asset backing is held in a fund model so that base asset value increases over time. dollars or virtual currencies, and regardless of whether they are distributed in certificated form or through blockchain technology.īitcoin Latinum’s website advertises itself as the “next-generation Bitcoin blockchain-based token, capable of massive transaction volume, digital asset management, cybersecurity, and transaction capacity. The complaint also alleges that Bitcoin Latinum and Kevin Jonna engaged in wire fraud, false advertising, fraudulent misrepresentation, breach of contract, and unregistered broker-dealer activity in further violation of securities laws.įederal and state securities laws apply to anyone offering or selling securities, regardless of whether those securities are purchased with U.S. According to the complaint, Bitcoin Latinum and Kevin Jonna offered and sold approximately $540,000 of Tokens to at least three investors in Michigan between September 1 and December 31, 2021, in violation of federal and state securities laws. With so many people looking for ways to diversify into crypto and alternative assets and legitimate enterprises trying to enter the crypto space, it is conduct as we charge against these defendants that only contributes to the skepticism about cryptocurrencies.”įiled in the United States District Court for the Eastern District of Michigan, the lawsuit alleges Bitcoin Latinum and Kevin Jonna used e-mails, text messages and telephone calls to defraud and deceive the investors in the offer and sale of unregistered securities. The lawsuit alleges that Bitcoin Latinum and Kevin Jonna, who never have been registered with the Securities and Exchange Commission, or any state securities regulator, in any capacity, offered and sold the unregistered security tokens through a “pre-sale” to the public on the Bitcoin Latinum website and directly by Kevin Jonna to individual investors.Ĭounsel to the Plaintiffs, Jacob Frenkel, a former federal prosecutor and former SEC Enforcement lawyer who Chairs the Government Investigations Practice at Dickinson Wright, commented: “The fraud that we allege against our clients has the characteristics of offering frauds that I pursued as a government lawyer. The lawsuit, filed in federal court in Detroit, Michigan, alleges that Bitcoin Latinum and Kevin Jonna offered and sold at least $540,000 of unregistered securities from California in the form of a cryptocurrency called a “Bitcoin Latinum Token” (“Token”), which currently displays a trading price on certain crypto exchanges under the ticker “LTNM.” Bitcoin Latinum, a Palo-Alto, California-based cryptocurrency, and Kevin Jonna of San Diego, California, have been named in a civil lawsuit filed on Februalleging securities fraud, wire fraud, and fraudulent conversion of investment funds. ![]()
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