Green United Raised $18 Million Via Crypto Scheme, SEC Says (1)

Green United LLC’s cryptocurrency mining equipment and software didn’t actually mine digital tokens as promised to investors who entrusted $18 million to the company, the SEC says in a new suit.

Green United eventually purchased unmined tokens and distributed them to the investors’ accounts “to create the appearance of a successful mining operation,” the Securities and Exchange Commission says. The agency filed its complaint March 3 in the US District Court for the District of Utah.

Green United’s currency—called GREEN—"had no realizable value as it was not trading in a secondary market,” the SEC says.

It’s among several recent enforcement ...