The SEC Cyber Unit has filed charges in its first case, claiming that PlexCorps defrauded ICO investors:
The Securities and Exchange Commission’s new Cyber Unit has filed its first charges since being formed in September. The unit’s case is being brought against a company called PlexCorps, its founder Dominic Lacroix and his partner Sabrina Paradis-Royer and the SEC claims that Lacroix and Paradis-Royer were actively defrauding investors. PlexCorps was engaged in an initial coin offering (ICO) — which was selling securities called PlexCoin — that had already raised around $15 million since August and it was fraudulently promising that investors would see a 13-fold profit in just under one month. The SEC obtained an emergency asset freeze to halt the ICO.
Interestingly, this is a straight fraud case, not a claim that PlexCorps is offering securities without a license. No Howey test, no debate over whether this is a security or a utility token. Just a straight claim that PlexCorps lied and made money from it. The Complaint is here: https://www.sec.gov/litigation/complaints/2017/comp-pr2017-219.pdf
One gets the sense that the SEC is ramping up. First warnings and guidance, now fraud cases, and soon unregistered securities offerings.