SEC Files Complaint Against Plexcorps a/k/a and d/b/a Plexcoin and Sidepay.CA, Dominic Lacroix and Sabrina Paradis-Royer
The SEC filed an emergency action to stop Lacroix, an alleged recidivist securities law violator in Canada, and his partner Paradis-Royer, from further misappropriating investor funds illegally raised through the fraudulent and unregistered offer and sale of securities called “PlexCoin” or “PlexCoin Tokens” in a purported “Initial Coin Offering.” According to the complaint, from August 2017 through the present, Defendants have obtained investor funds— purportedly $15 million from thousands of investors, including those throughout the United States and in this District—through materially false and misleading statements made by Lacroix individually and through entities Lacroix controls, including by promising investors returns of 1,354% in under 29 days. According to the complaint, Lacroix and Paradis-Royer misappropriated investor funds and engaged in other deceptive acts relating to investments in the PlexCoin Token, despite having both been enjoined by a Quebec tribunal from engaging in the very conduct that is the subject of this action.
According to the complaint, in connection with the PlexCoin ICO, PlexCorps and Lacroix made the following false and misleading statements, among others, for which Lacroix was responsible: (a) that the PlexCorps’ “team” consisted of a growing cadre of experts stationed around the world and with a principal place of business in Singapore; (b) that the identity of PlexCorps’ executives had to be kept hidden to avoid poaching by competitors and for privacy concerns; (c) that the proceeds of the PlexCoin ICO would be used to develop other PlexCorps products; and (d) that investors could expect “enormous” and “real” returns on PlexCoin Token investments. According to the complaint, contrary to these false representations, and as Lacroix knew or recklessly disregarded, PlexCorps and the PlexCoin Token are a scam because: (a) there is no PlexCorps team, other than a handful of Lacroix’s employees in Quebec working on the project, and no group of experts working across the globe; (b) the reason that PlexCorps did not disclose the identity of its principal executive—Lacroix—was because Lacroix was a known recidivist securities law violator in Canada; (c) the proceeds from the PlexCoin ICO were not destined for business development but instead were intended to fund Lacroix and Paradis-Royer’s expenses including home decor projects; and (d) there was no reasonable basis to project returns on investment in Defendants’ scam.
Throughout the relevant period, according to the complaint, tens of thousands of investors, including over 1,500 transactions with investors in the United States and many in this District, have purchased approximately 81 million PlexCoin Tokens for approximately $15,000,000. Of those amounts, according to the complaint, approximately $810,000 is currently held in three accounts to which Lacroix and his associates will soon gain access. According to the complaint, defendants have misappropriated or attempted to misappropriate at least $200,000 of these amounts on extravagant personal expenditures. According to the complaint, other amounts are believed to currently reside on Bitcoin or other blockchain addresses or wallets that Defendants control.
Investors in Plexcorps a/k/a and d/b/a Plexcoin and Sidepay.CA May Recover Investment Losses
If you purchased your Plexcorps a/k/a and d/b/a Plexcoin and Sidepay.CA investment from a licensed financial advisor, Goodman & Nekvasil, P.A. can help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has filed hundreds of cases against brokerage firms selling high-risk or fraudulent investments such as Plexcorps a/k/a and d/b/a Plexcoin and Sidepay.CA and has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf. Finally, the filing of such a case should not affect your ownership of your Plexcorps a/k/a and d/b/a Plexcoin and Sidepay.CA investment.
If you incurred losses on your investment in Plexcorps a/k/a and d/b/a Plexcoin and Sidepay.CA and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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