Judge Orders Scammer Behind PlexCoin ICO to Return $3.7 Million in Bitcoin | News ICORating
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Judge Orders Scammer Behind PlexCoin ICO to Return $3.7 Million in Bitcoin

Judge Orders Scammer Behind PlexCoin ICO to Return $3.7 Million in Bitcoin

Dominic Lacroix, the founder of scam initial coin offering (ICO) PlexCoin, was ordered to transfer $3.7 million worth of Bitcoin to a court-appointed administrator by a judge in Quebec City.

Local news outlet ICI Quebec reported on July 7 that Judge Raymond W. Pronovost ordered Lacroix to transfer the equivalent of $ 3.724 million in Bitcoin to Hugo Babos-Marchand, the court-appointed administrator, right “in the middle of the courtroom,” warning that he would be sent to jail if he failed to do so.

The US Securities and Exchange Commission (SEC) and Canada’s Financial Markets Authority obtained an emergency asset freeze for all assets related to the PlexCoin ICO on December 4, 2017, charging Lacroix and his partner Sabrina Paradis-Royer with defrauding investors after claiming that PlexCoin would generate a return of 1354%.

Lacroix said that completing the transfer would be “complicated” because the court had seized his computers, so Judge Pronovost ordered that officials bring one of Lacroix’s seized computers into the courtroom to facilitate the transfer. Lacroix proceeded to transfer 420 BTC to Babos-Marchand during the court hearing, avoiding jail time in the process.

On June 20, the SEC requested an additional freeze of assets after Lacroix used secret accounts to move cryptocurrency assets that he had obtained from PlexCoin investors.

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