NAC Foundation Seeks SEC Championed AML Bitcoin ICO Fraud Charges Dismissal
While the case between the SEC and the NAC Foundation is far from over, the CEO’s partner Jack Abramoff was reportedly not indicted in this current lawsuit.
NAC Foundation, the company behind the AML Bitcoin, an Anti Money Laundering digital token which scooped $5.6 million in an Initial Coin Offering back in 2017. As gleaned from Law360, the companies Chief Executive Officer Rowland Marcus Andrade told a United States District Judge in San Francisco to acquit him and his company of all fraud allegation charges as the Securities and Exchange Commission (SEC) failed to consider key “Inconvenient facts” in its fault of the company’s sales pitch.
Per the reports, the SEC has insinuated that NAC Foundation has promised investors returns when it launched its ICO program, contributing to the firm’s $5.6 million revenue from the security offering exercise. In its defense, the Andrade led company said that the SEC’s fraud case, as well as allegations that the firm presented to prospective customers and investors an undeveloped technology, were all baseless.
Andrade claimed that the SEC was aware that his firm had earlier secured a patent for the AML Bitcoin and that the company clarified to its intending investors that the AML Bitcoin offering was not debt security that can yield interest but rather that it will serve as a medium of exchange, a fact that all investors are aware of and consented to. Consequent upon this, Andrade requested that Federal Court that discharge the case as the SEC “has no case” against it.
NAC Foundation’s AML Bitcoin Has Grown Its Relevance Since Inception
The NAC Foundation’s AML Bitcoin has seen increased adoption and integration following its relatively successful ICO back in 2017. Coinspeaker.com has several reports of the coin’s continued activity ticker post-launch. Besides the project gaining massive support in European markets, the company announced listing on the HitBTC Exchange back in September 2018, showcasing the company’s efforts to bring more values to its users.
AML Bitcoin was debuted at a time when the cryptocurrency ecosystem experienced a surge in the digital currencies Initial Coin Offerings. The coin was caught up in a phase when there was increased interest in crypto projects and most of these interests were showcased by a plunge into ICOs, a move many sees to be vital in order not to miss out as many laments in the case of Bitcoin (BTC).
While the case between the SEC and the NAC Foundation is far from over, the CEO’s partner Jack Abramoff was reportedly not indicted in this current lawsuit as he has faced and settled separate charges from the SEC.