The U.S. Securities and Exchange Commission (SEC) has charged crypto influencer Ian Balina, alleging the crypto personality did not file a registration statement with the commission for his offering and sale of Sparkster's SPRK tokens, and no exemption from registration was applicable.
He also allegedly failed to disclose the compensation he received while promoting Sparkster’s SPRK initial coin offering (ICOICO) on social media, according to the SEC.
Sparkster offered investors a slice of its "no-code" software development platform by purchasing SPRK tokens, which claimed to allow users to develop software with minimal technical coding skills. A product demo can still be viewed here.
The SEC seeks “injunctive relief, disgorgement, civil penalties, and other appropriate and necessary equitable relief.” If the charges hold, it would mean Balina would be unable to promote securities again.
The filing also argues that contributions made in Ethereum (ETH) to participate in the ICO all...
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