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Banking Law Keyed to Carnell, 7th Ed.
Hodges v. Harrison
Citation:
372 F. Supp. 3d 1342 (2019)Facts
Daniel Harrison created Monkey Capital LLC and Monkey Capital Inc. to develop a private cryptocurrency exchange and decentralized hedge fund. Harrison scheduled an ICO for July 2017 and solicited investments in advance at a valuation premium. He issued tokens called “Monkey Coin” and “Coeval” and offered them for sale across the United States using electronic means. Investors, including the plaintiffs, contributed various cryptocurrencies worth over $1 million with the expectation of profit based on Harrison’s representations that the tokens would increase in value. The investments were pooled in a wallet owned by Harrison. The ICO never took place, and Harrison did not return the investors’ funds. Neither Harrison nor Monkey Capital registered the offering with the SEC or any state securities regulator, nor did they obtain any exemptions from registration requirements.
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