Image – blockcrypto.com
The US Securities and Exchange Commission (SEC) imposed fines on Daniel Pacheco, on Thursday. He is the operator of iPro Network website, that is promoting associated business and a cryptocurrency called ‘PRO Currency.’
This case is an additional part of a bigger regulatory and legal attack aimed at abuses and absolute scams in the increasing cryptocurrency industry. The SEC claims about the founders of the company to have conned investors promising some innovative financial products, by selling packages which provided lessons on e-commerce.
The company has been able to raise more than $26 million for financing the development of its direct sales network, which was meant to have a refund on purchases. The iPro Network returns plan sees affiliates invest in PRO Currency while commissions are paid when they employ others who do the same.