Rivetz, Leader Hit With SEC Suit Over $18 Million Coin Offering

Rivetz Corp., its president, and a subsidiary raised about $18 million through an initial coin offering that was actually an unregistered offering of securities, the SEC says in a complaint filed in federal court in Massachusetts.

Steven K. Sprague and the Rivetz entities promoted their RvT digital tokens as an investment opportunity but didn’t register the offering or sales or provide investors with disclosures required under federal securities law, according to the Securities and Exchange Commission complaint filed in the U.S. District Court for the District of Massachusetts.

Rivetz told investors the token would be used as part of a ...