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Case 1:19-cv-09439-PKC Document 6

The U.S. Securities and Exchange Commission filed a complaint against Telegram Group Inc. and its wholly owned subsidiary TON Issuer Inc. for violating Section 5 of the Securities Act by selling its digital tokens, Grams, to the public without registering them as securities. The SEC alleges that Telegram sold 2.9 billion Grams to 171 initial purchasers worldwide for approximately $1.7 billion. Telegram plans to use the funds for developing the TON Blockchain and other future projects but the SEC seeks to enjoin Telegram from delivering Grams to the initial purchasers until it registers the offering with the SEC.

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3K views7 pages

Case 1:19-cv-09439-PKC Document 6

The U.S. Securities and Exchange Commission filed a complaint against Telegram Group Inc. and its wholly owned subsidiary TON Issuer Inc. for violating Section 5 of the Securities Act by selling its digital tokens, Grams, to the public without registering them as securities. The SEC alleges that Telegram sold 2.9 billion Grams to 171 initial purchasers worldwide for approximately $1.7 billion. Telegram plans to use the funds for developing the TON Blockchain and other future projects but the SEC seeks to enjoin Telegram from delivering Grams to the initial purchasers until it registers the offering with the SEC.

Uploaded by

Anonymous XdelME
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

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