ICO Scammer Ordered to Pay in Bitcoin Worth Over 3.7 Million Dollars
According to a news report by ICI Quebec, an ICO fraudster was asked to transfer bitcoin valued at 3.7 million dollars as part of the court ruling. The swindler, Dominic Lacroix, was under investigation by the U.S. SEC and Canada’s FMA for being responsible for a ruthless scam that would milk more than 15 million dollars from investors in his company. The ruling was delivered in a courtroom in Quebec City.
Dominic Lacroix (Middle) (Radio-Canada.ca)
Assets Frozen by Regulators
The Canadian and American regulators made successful applications in court to help in preventing the defendant and his family from using all that ill-gotten wealth. Both Dominic Lacroix and his wife, Sabrina Paradis-Royer, got their accounts frozen.
When delivering the ruling, Judge Raymond Pronovost, ordered the defendant to surrender all his bitcoins to a court administrator and then to return to court the next Friday for confirmation of the coin transfer. The administrator in charge of all the couple’s money and assets told the court that the bitcoin transfer would be done quickly.
Dominic Lacroix had made an application that the bitcoin transfer would not be possible since the court seized his computers. However, court officials brought one of his computers into court to allow Mr. Lacroix to initiate the transaction. The judge warned Lacroix of harsh punishment, including a lengthy jail term, if he didn’t transfer the necessary bitcoins.
Earlier in the year, the SEC was able to secure an asset freezing order against Mr. Lacroix following an investigation that stopped the PlexCoin ICO in December 2017. , and it was proven to be a fraud.
In an unprecedented third asset freeze, the SEC claimed that Mr. Lacroix was using secret accounts as a way of hiding money he got from his investors.
Previous History of Fraud
Mr. Dominic Lacroix is no stranger to fraud cases. He was found guilty in 2013 for sharing false information. He had to pay a 25,000 Canadian dollar fine to avoid going to jail.
In 2017, Mr. Lacroix was held for contempt of the Superior Court’s orders for flouting an earlier ruling that explicitly forbade him from petitioning ICO investors in the Quebec area.
The SEC also went after Mr. Lacroix in late 2017 for violating its anti-fraud and registration rules with its PlexCoin ICO since he lured investors with misleading claims of immense profits within one month.