(Excerpt)
Specifically, about its final section:
"No guarantee for Unicoin
Legal experts suggest the company faces a tough road.
Katherine Reilly, a partner in Pryor Cashman’s White Collar and Regulatory Enforcement Group and a former federal prosecutor, told Decrypt that the SEC’s complaint reflects a more traditional securities fraud case than some of the other crypto cases it has dropped in the past few months.
“It talks a lot about really traditional misrepresentations that Unicoin executives are alleged to have made,” she said. “For example, the SEC lays out claims that executives overstated financing and runway, and represented that their coin was backed by real property and assets that didn’t go through.”
Although the Trump-era SEC has pulled back from a number of recent cases against major crypto players, Reilly said this one may be different. “I think this is a strong example of the type of enforcement action the SEC still plans to pursue. There’s clearly an effort by Unicoin to align itself with the new administration’s allyship with the crypto industry and its emphasis on American entrepreneurialism,” she said.
“But I don’t think that’s likely to mean much in front of a judge in the Southern District of New York.”
Decrypt reached out to but did not immediately receive a response from the SEC."
It's an important issue and I'm happy to provide my opinion:
Ms. Reilly correctly characterized the SEC's Complaint, but it is clear that she did not see our Motion to Dismiss that had been finalized by that time.
As the SEC's persecution of Unicoin is being done
under color of law, it is designed to look "legit" on the surface. The SEC filing would look plausible, even convincing to any person, a lawyer or layman, not familiar with the facts.
Let me give you an example from my life. In 1996, the Kremlin presented an ultimatum to FBI Director Luis Free: "Extradite Alex Konanykhin to us or we will close the FBI Moscow office and terminate assistance to your Bureau."
The Director knew that the request was done by corrupt officials who were retaliating for my opposition against the KGB takeover of Russia, so he was not willing to dirty his hands with an unlawful extradition. Instead, he sent an inquiry to the Immigration Service (INS), asking if there were "any violations outstanding allowing to deport Konanykhin to Russia."
This, but itself, was a request to do an illegal extradition under color of immigration law. But nobody was supposed to find out about it.
The INS was eager to do a favor to the powerful Director. But since there were no "violations outstanding allowing to deport" me, they decided to simply arrest me falsely claiming that was present in the country unlawfully.
Was that allegation plausible to outsiders? Of course it was. There are millions of illegal aliens in the country, and the INS (now ICE) makes many routine arrests.
It did not matter to the INS that I had been approved for permanent residence and presented my valid status documents at the time of the arrest. They simply confiscated my papers and proceeded with the unlawful arrest. To make sure nobody interferes, they denied me access to lawyers or to court. To their surprise, Donald Bucklin, my lawyer, proved to be capable of stopping their plan. As a former Senior Counsel to the U.S. Senate and the then-current President of Washington DC Bar Association, he was able to make sure the courts reviewed the INS operation.
The court immediately established that I was in a perfectly legal status. The plausible "no status" charge was blatantly false.
So the INS hurriedly concocted new false charges. They alleged that my application for green card contained "immigration fraud."
These allegations also looked plausible. Many applications contain false statements. Any expert would agree that it was consistent with the government policies for the INS to prosecute immigration fraud.
I hope that the court hearings in this case will be as humiliating for the conspirators acting under color of law, as was the implosion of the above-referenced INS conspiracy.
But I agree with the "No guarantee for Unicoin" section headline in the Decrypt article. Gensler's enforcers deceived the Commissioners and are committing fraud on the court. I'm sure that they are very concerned about the risks to their careers. They need to cover up their gross abuses of power. We can never know how far they are willing to go in fabricating false charges. I may find myself being accused of being an axe murder, provoking the Great Depression, assassinating JFK, or worse. Some or all of those false charges may look plausible, even convincing.
Despite the past and the ongoing persecutions, I chose to become a citizen of the United States because here even an immigrant has a chance to have his day in court, expose a government conspiracy, and collect compensation from the government.
In this world, justice is never guaranteed, but in the United States it's at least possible. Which is so not the case in the country I was born in.
As for the Decrypt article, I'm grateful for them to communicate to their readers our position about the case:
