The U.S. securities and exchange Commission (SEC) has released new evidence for its claim that the sale of CLAY Tokens by Telegram was illegal. In a yesterday as published application, you argued that the sale of the tokens was a possibility for the financing of the company, rather than an IPO to carry out.
The SEC provided new evidence for the Telegram’s employees and investors, the Argument that the Token Sale was an unregistered securities offering. In an E-Mail to the accountant of an Investor of 6. March 2019, said the Telegram staff, Shyam Parekh, the Investor is entitled to the right to 72.835.916,68 grams, and that “the Fund has a clear ownership of these securities,”, “, [ … ] to get grams, if they are issued” and that “the securities are not pledged”.
In particular, the SEC noted that the E-Mail is the “sale of Gram” is mentioned and not the sale of Rights to the Gram, what is the official Position of the company. The SEC alleged that the telegram ran out of the medium and the Token Sale was seen as a last resort – something the traditional ways of raising funds have been abandoned.
Telegram is needed in 2017, with additional funds to purchase “still more equipment and to Finance its growth,” wrote the SEC, and added that the founder of the App, Pavel Durov, was thinking at that time about the possibilities of raising capital. The new document the SEC takes (freely translated):
One of the Durovs friends and potential investors Durov proposed in August 2017, that he (the friend) in Telegram and Durov should invest in the company of a friend, what Durov replied: ‘at this point Telegram cash to buy in order to continue to Server’, but he was not obliged to make a capital investment.
In September 2017 Durov told the same friend that Telegram ‘is likely to give up his immediate plans to raise capital from VCs to attract, unless someone makes a crazy offer, for example, 500 million dollars for 10%.
According to the SEC’s Telegram moved first, in regard to a public offer to perform, gave up on the idea though, because Telegram thought the offer could be treated as an unregistered offer of securities in the United States. Instead, the Telegram is decided for a symbolic sale for the same purpose, the SEC, the stock is “to collect money for the corporate purposes of SOUND and the Messenger”.
Durov should have also written that “we have been thinking in the last year about the procurement of funds through the sale of equity capital”, but in favour of the Token-Sale-idea was abandoned. The SEC claims that the SOUND-tokens are non-registered securities. One of the hallmarks of a security is that a third party is actively responsible for its own growth.
This to substantiate, the SEC is a quote from Durov that allegedly said:
We see SOUND as well as Telegram as an integral part of the success of the project, because Telegram offers the necessary user base and acceptance in order to bring the whole idea of cryptocurrency to the mass market to Work. For this reason, we separate the use of the funds is not between the two and will use the resources where they are most needed.
The SEC and the telegram are expected to be on 18. and 19. February court days. Telegram also Bank documents to the SEC must pass, which means that the Supervisory authority finally learns how the company has spent $ 1.7 billion raised during the ICO for the coming TONE-network. But judging by yesterday’s documents, can and everything that informs Telegram will be used against you.
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