The United States Securities and Exchange Commission (SEC) is seeking more than $16 million in civil penalties and disgorgement in a case against ICOBox, a token platform. Also involving the platforms founder Nikolay Evdokimov, the case between the parties began last year.

The SEC took legal action against the two parties last year, according to a document filed in September 2019. The filing accused them of running an unregistered securities offering back in 2017. The offering is said to be worth $14.6 million.

Per documents filed yesterday, January 9, at the Central District Court of California, the ICOBox and Evdokimov now have only 14 days to comply with the order. The $16 million figure was derived based on the earlier mentioned $14.6 million and $1.4 million in interests. An additional $189,426 payment is to be paid by Evdokimov.

According to the SEC’s filing, ICOBox helped more than 30 different projects in raising more than $650 million. In addition to that, it also pulled in the $14.6 million figure for its own tokens. This was raised from more than 2,000 participants worldwide.

The SEC claims that ICOBox went ahead with this even though it knew it some of the tokens facilitated were classified as securities.

Last month, the SEC announced a settlement with Blockchain of Things Inc. (BCOT), worth $250,000.

Image Credits: Unsplash

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