Virtual Currency
TrueCoin LLCAbout
Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:TrueCoin LLC
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On September 24, 2024, TrueCoin LLC agreed to settle charges (case: 3:24-cv-06684) brought against the company by the Securities and Exchange Commission (SEC).
The settlement stems from allegations alleging TrueCoin LLC violated the Securities Act of 1933 along with certain antifraud provisions of federal securities laws when they acted as the issuer of TUSD without being registered with the SEC. According to court documents it is also alleged the business marketed their investment opportunities as safe and trustworthy by stating they were fully backed by US dollars, not disclosing to investors that they had invested large amounts of their assets in risky, offshore investment funds. Allegedly, by 2022 TrueCoin became aware of redemption issues at the offshore fund but continued to make false statements to investors and received a portion of the interest earned from offshore reserves. Allegedly, the business received additional incentives when TUSD was sold to investors.
Without admitting or denying the allegations, TrueCoin has agreed to stop violating applicable provisions of Federal Securities laws and will pay a civil penalty of $163,766 and agreed to pay disgorgement of $340,930 with prejudgment interest of $31,538.
Business Details
- BBB File Opened:
- 10/4/2024
- Alternate Names:
- TrueCoin
- Number of Employees:
- 1
Additional Information
- Business Categories
- Virtual Currency
More Resources
Featured Content
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period, except for customer reviews. Customer reviews posted prior to July 5, 2024, will no longer be published when they reach three years from their submission date. Customer reviews posted on/after July 5, 2024, will be published indefinitely unless otherwise voluntarily retracted by the user who submitted the content, or BBB no longer believes the review is authentic. BBB Business Profiles are subject to change at any time. If you choose to do business with this company, please let them know that you checked their record with BBB.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation. BBB charges a fee for BBB Accreditation. This fee supports BBB's efforts to fulfill its mission of advancing marketplace trust.