🛢️ SEC bars and fines fraudulent ICO creator

David T. Laurance, the creator of Tomahawk coin has received an officer-and-director bar and a penny stock bar from the SEC, along with a $30,000 fine following failed attempt to conduct an ICO in 2017. The company, Tomahawk Exploration, claimed that token holders would be able to convert tokens to equity and have a claim on oil drilling revenues in California, where the company fraudulently claimed the rights to do so were secured. Tomahawk coin ran an extensive bounty campaign where tokens were given away but never completed an offering.

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