The United States Securities and Exchange Commission (SEC) presented on Friday, January 10, documents in its lawsuit against Telegram that bring evidence of sales after the ICO (Initial foreign exchange offer). The documents undermine the company's argument that the offer was exempt from the registration requirements.
According to Coindesk, at least two companies submitted proof of request to Telegram to be charged with the sale of the company's tokens in the summer of 2018. According to the story, the dates were months after the company's ICO, according to show recently published documents.
The Da Vinci Capital investment fund has provided commission proof of $ 209,783, while another entity called Gem Limited has requested commissions of $ 1.1 million, both referred to "subsequent sales" of Gram token purchase contracts.
According to documents filed with the SEC, Da Vinci Capital sold more than $ 2 million in grams to a fund managed by its portfolio company, ITI Funds, on June 20, 2018. Gem Limited sold $ 7.8 million. euros ($ 8.6 million) in grams for a company called Goliat Solutions and $ 4.5 million for Space Investments Limited on July 2, 2018.
Both sales came after the Telegram ICO, which Telegram says is exempt from registration under Regulation D: the offer was completed between February and March 2018.
«These documents undermine Telegram's alleged affirmative defense that the Offer was exempt under Regulation D. First, Telegram raised more than $ 1.7 billion for which it requested an exemption or did not raise $ 1.7 billion on March 29, 2018 and, subsequently, the funds may have been raised through subscribers, ”said a previous SEC document on invoices.
Da Vinci Capital's investment director Denis Efremov declined to comment. Gem Limited was not available for comments at this time.
The documents joined the others that the SEC presented to the United States District Court for the Southern District of New York to support the Commission's case. The SEC claims that Gram tokens were illegally sold as unregistered securities, a charge denied by Telegram. The trial is scheduled for February 18 and 19.