SEC v. Ian Balina

Ian Balina allegedly offered and sold crypto assets called SPRK Tokens as securities in unregistered transactions. Balina allegedly purchased $5 million worth of SPRK tokens from Sparkster, Ltd. Balina allegedly organized an investing pool of approximately 68 individuals to whom he offered and sold SPRK tokens, despite not registering the offering with the SEC. Balina allegedly promoted SPRK tokens on YouTube, Telegram, and other social media platforms from approximately May 2018 to July 2018. Balina allegedly failed to disclose that Sparkster had agreed to provide him a 30 percent bonus on the tokens that he purchased, as consideration for his promotional efforts, according to the SEC.

Summary generated from official Securities and Exchange Commission press release