A couple from Texas has cheated people of more than $500,000 through a water-backed token sale. The Us Securities and Exchange Commission (SEC) has recently accused the con artists of defrauding $500,000 from various investors.
Texas residents Shuwana Leonard and former pastor Larry Donnell Leonard duped more than 500 individual investors by selling bogus stock certificates, as well as digital tokens, allegedly linked by their alkaline water-backed company and a bitcoin mining operation that never existed.
Fraudsters targeted minority African American communities when it came to this scheme. Within this scam, initially, the couple distributed Teshuater alkaline water company stock certificates, but after a while they decided to sell TeshuaCoin tokens, planning to raise $ 20 million.
The SEC accuses spouses of violating the provisions of the laws on securities, as well as fraud.