SEC sues Unicoin and its executives for securities fraud, involving more than $100 million

Odaily News The U.S. Securities and Exchange Commission (SEC) announced on May 20, 2025 that it had filed a lawsuit against New York City-based Unicoin, Inc. and three of its executives, alleging that they made false and misleading statements in the issuance of certificates claiming to obtain the crypto asset Unicoin tokens and the issuance of Unicoin common stock.
The SEC alleges that Unicoin and its executives falsely represented to more than 5,000 investors through extensive advertising (including advertisements at airports, in New York taxis, and on television) that its tokens would be backed by billions of dollars in real estate and pre-IPO company equity, when the actual asset value was far less than that.
In addition, the SEC alleges that Unicoin falsely reported that it had sold more than $3 billion in certificates, when it actually raised less than $110 million, and falsely advertised that its certificates and tokens were registered with the SEC. The SEC has filed a lawsuit in the U.S. District Court for the Southern District of New York, seeking a permanent injunction, disgorgement of ill-gotten gains, civil penalties, and a ban on the executives involved. Unicoin's general counsel, Richard Devlin, was also charged with negligently making similar false statements and has agreed to pay a $37,500 civil penalty.