The Securities and Exchange Commission (SEC) has received an additional emergency court order freezing the assets of Dominic Lacroix. The freeze is part of an ongoing enforcement action that stems from some time ago. The SEC had previously sued for securities fraud and had obtained an emergency asset freeze in December of 2017. The order was unsealed on June 18.
SEC calls Dominic Lacroix as “a recidivist Quebec securities law violator” over his previous attempt to launch a token sale, or initial coin offering (ICO) – one officials have declared a “full-fledged cyber scam”.
In February 2013, Lacroix and his company Micro-Prêts pleaded guilty before the Court of Quebec to six charges of illegal distribution, illegal practice and misrepresentations.
The SEC’s original complaint charged Lacroix and his partner, Sabrina Paradis-Royer, with violating securities law pertaining to an initial coin offering (ICO) regarding PlexCorps.
According to Robert A. Cohen, Chief of the SEC Enforcement Division’s Cyber Unit:
“This ICO was based on a social media marketing blitz that allegedly deceived investors with purely fictional claims of business prospects”
The SEC’s request alleges that, since the original freeze in December, Lacroix had been using secret accounts, including an account in his brother’s name by which he controlled, to improperly dissipate for personal use digital assets obtained from investors during the PlexCoin ICO.
SEC continued,
“Lacroix had been using secret accounts, including an account in his brother’s name but which he controlled, to improperly dissipate for personal use digital assets obtained from investors during the PlexCoin Initial Coin Offering.”
Aside from the SEC’s 2017 actions against the project and its founders, a Canadian court ordered a two-month jail sentence against Lacroix and $100,000 in fines against his company for contempt of court.
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