SEC charges Shopin and its founder Eran Eyal with fraud, sale of unregistered securities

The US Securities and Exchange Commission (SEC) has charged Shopin and its founder Eran Eyal with fraud after a $ 42 million ICO. The SEC announced on Wednesday that Eran Eyal was accused of selling unregistered securities in the form of Shopin tokens to defraud investors. The agency said that although Eyal should have developed a platform to store and track customer data from different retailers, Shopin never built the system. Eyal "misappropriated investor funds for personal use," including dating services. Eyal is accused of misappropriating at least $ 500,000 for personal use.