SEC Announces Charges Against Florida Residents in $100 Million Securities Fraud Case
On May 20th, 2025, the Securities and Exchange Commission (SEC) announced securities fraud charges against a New York City-based company called Unicoin, Inc. and three of its two executives. Alex Konanykhin, Silvina Moschini, and Alex Dominguez were all named in the complaint. All three are residents of South Florida. Here, our Miami securities fraud attorney provides a more detailed overview of the charges filed by the SEC.
SEC Complaint: Unicoin, Inc.
The SEC filed a complaint against Unicoin, Inc and three of its executives in the United States District Court for the Southern District of New York. Within the legal complaint, the federal agency alleges that the defendants engaged in a fraudulent scheme that raised over $100 million from as many as 5,000 different investors. The SEC contends that the company and its principals made false and misleading statements about the company’s securities offering.
Material Misrepresentations About Asset-Backed Tokens
Unicoin promoted its planned digital token named “Unicoin.” They represented it as being backed by valuable real-world, tangible assets—including real estate in Antigua and the Bahamas. Beyond that, the company claimed that these assets provided stability and value to the token.
However, the SEC alleges that internal documents revealed the properties were worth significantly less than advertised to actual and prospective investors. The SEC puts the total fair market value of the company’s real estate holdings at around $40 million instead of the claimed $680 million.
False Claims About Regulatory Compliance
The SEC also alleges that Unicoin falsely marketed its tokens and investment certificates as “SEC-compliant,” “SEC-registered,” and “U.S.-registered” at different points in time. However, in reality, neither the tokens nor the certificates were registered with the SEC, and the company had not taken steps to ensure compliance with federal securities laws. These misrepresentations were used to lend credibility to the securities offerings and to attract investors.
SEC Also Alleges Company Exaggerated Sales and Financial Health
Finally, the SEC also argues in its company that Unicoin and its executives overstated the company’s sales figures and financial stability. They claimed to have sold billions of dollars’ worth of Unicoin tokens. Given the nature of these claimed “sales,” the company represented to investors that it had the financial “runway” that would last for decades or even centuries. However, in reality, the company had raised no more than $110 million. Beyond that, its financial condition was far less stable than portrayed to investors. These inflated claims were disseminated through various channels—from social media posts to direct investor communications to public appearances.
Consult With Our Miami, FL Securities Fraud Lawyer Today
At Carlson & Associates, P.A., our Miami investment fraud attorney is a strong advocate for the rights and the interests of investors. We put investors first. If you suffered major financial losses due to securities fraud, please do not hesitate to contact us today for a fully confidential case review. We fight for justice for investors in South Florida and beyond.
Source:
sec.gov/newsroom/press-releases/2025-75