Opporty Unable to Avoid SEC Enforcement Suit Over Token Offering

Evidence supported the US Securities and Exchange Commission’s claim that a blockchain-based small business platform and its Brooklyn-based owner violated federal securities law by selling unregistered digital tokens, a federal court said.

Opporty International Inc. and owner Sergii “Sergey” Grybniak also couldn’t shake the SEC’s claim that they committed securities fraud when they promoted their OPP Token for sale, Judge Eric Komitee said Tuesday for the US District Court for the Eastern District of New York.

It’s unlawful to sell a security that hasn’t been registered with the SEC, Komitee said. The defendants said that the OPP Token wasn’t a ...