The U.S. Securities and Alternate Fee charged a former Texas pastor and his spouse for allegedly defrauding tons of of traders by an alkaline water
The U.S. Securities and Alternate Fee charged a former Texas pastor and his spouse for allegedly defrauding tons of of traders by an alkaline water-backed cryptocurrency TeshuaCoin.
Larry Donnell and Shuwana Leonard have been charged Friday with defrauding traders by allegedly stealing practically $500,000 within the sale of bogus inventory certificates, an alkaline water-backed cryptocurrency and a non-existent bitcoin mining operation.
The Leonards are accused of particularly focusing on the African-American neighborhood in his alleged scheme. Their firms, Teshua Enterprise Group and Teshuater, are additionally named as defendants.
The Leonards allegedly tried to promote phony inventory of their alkaline water bottle firm, Teshuater, which they mentioned would yield “short-term funding returns of as much as 3,000 p.c” in accordance with the grievance. This raised $291,044.07.
Larry Leonard can also be accused of shilling Teshuater’s “totally functioning cryptocurrency,” TeshuaCoin.
The grievance says he in contrast TeshuaCoin’s usability to bitcoin and touted its “distinctive” attribute – it was backed by Teshuater’s bottled alkaline water. The SEC alleges that TeshuaCoin was not really backed by Teshuater. Leonard allegedly raised $170,395.20 out of his goal $20 million by this scheme.
Leonard allegedly stole a further $25,544.96 from traders in Teshuater’s non-existent bitcoin mine. The SEC mentioned he didn’t disclose the speculative nature of bitcoin mining and by no means really invested the stolen funds within the mine.
Alongside the best way, the couple is alleged to have stolen $486,984.28 from 500 complete traders.
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