SEC sues Unicoin and its executives for securities fraud, involving more than $100 million

Odaily Planet Daily News The U.S. Securities and Exchange Commission (SEC) announced on May 20, 2025 that it had filed a lawsuit against New York City-based Unicoin, Inc. and three of its executives, alleging that they made false and misleading statements in the issuance of certificates claiming to obtain crypto assets Unicoin tokens and the issuance of Unicoin common stock. The executives involved include CEO and Chairman of the Board Alex Konanykhin, former President and former Chairman of the Board, current Director Silvina Moschini, and former Chief Investment Officer Alex Dominguez. The SEC accused Unicoin and its executives of misrepresenting to more than 5,000 investors through extensive publicity (including advertising at airports, New York taxis, and on television) that its tokens would be backed by billions of dollars in real estate and pre-IPO company equity, but the actual asset value was far less than this. In addition, the SEC alleged that Unicoin falsely reported that it had sold more than $3 billion in certificates, with actual financing of no more than $110 million, and falsely advertised that its certificates and tokens were registered with the U.S. Securities and Exchange Commission. The SEC has filed a lawsuit in the U.S. District Court for the Southern District of New York, seeking permanent injunctions, disgorgement of ill-gotten gains, civil penalties, and employment bans on the executives involved. Unicoin’s general counsel, Richard Devlin, has also been charged with negligently making similar false statements and has agreed to pay a $37,500 civil penalty.