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OSC files fraud case for illegally raising $51 million from investors

According to a September 30 press release, the Ontario Securities Commission (OSC) alleged that between 2017 and 2019, Troy Richard James Hogg and his firms, Cryptobontix Inc., Arbitrade Exchange Inc., and Arbitrade Ltd., promoted and sold Dignity tokens (also known as Unity Ingot).

The regulatory agency proceeded by saying that Hogg marketed the tokens by making misleading statements, such as Gold Bullion supports the tokens in promotional materials and raised US $51 million from investors.

In addition to this, Hogg did not submit a prospectus for the token distribution and did not get the required registration for the trading activity. It asserts that Hogg and the business companies with which he is linked defrauded investors by redirecting a significant portion of the cash to unrelated endeavours, such as the purchase of real estate holdings.

According to the claims, the United States Securities and Exchange Commission helped the Ontario Securities Commission (OSC) throughout the investigation into the matter. In the meantime, the US Securities and Exchange Commission (SEC) has taken legal action against Hogg and several other US citizens for the sale of unregistered securities. 

The commission claims that between May 2018 and January 2019, the DIG token’s value was artificially inflated via the use of “false and deceptive” news releases as well as a press conference.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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