NAC Foundation Hits Back At SEC Court Case Of Fraud Allegations
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The United States securities and exchange commission has recently been accused by the NAC foundation of misconduct in an ongoing court case. According to official documents that were released earlier this week on the 20th of October, Rowland Marcus Andrade and the NAC foundation requested a San Francisco federal judge to dismiss the June lawsuit from the SEC that claimed that he and his colleague, Jack Abramoff had defrauded investors in the crypto space in a $5.6 million token offering.
Andrade made the argument that the securities commission intentionally made a movement to attempt to mislead the court by accusing him of offering a technology that had never been developed.
The foundation added that investors of the $5.6 million token sale did not expect any return on their investment.
He even went on to say that the commission was well aware that he had all the correct operations in place for anti-money laundering technology in relation to the NAC Foundation and the digital currency known as AML BitCoin.
Towards the end of June, the securities commission brought an action case against the foundation in which the lawsuit claimed that the defendants were raising the aforementioned millions of dollars for AML BitCoin starting in August 2017 and continuing until 2018. It will be interesting to see how this situation plays out in the future following the retaliation from the foundation and its runners.