The U.S. Securities company has filed a subpoena enforcement action against the perpetrators of an alleged pump-and-dump scheme involving claims of a $100 million initial Coin offering (ICO) in step with an Oct. 9 submitting.The Securities and alternate commission (SEC) states it filed the subpoena software Oct. 5 on the U.S. District court for the imperative District of California towards the Saint James keeping and funding organization trust and its sole trustee Jeffre Jame. The filing came following the agency s action to suspend buying and selling in a penny-inventory company dubbed Cherubim interests Inc. This February.In keeping with the day before today s assertion the SEC believes that Cherubim issued false public statements claiming that the corporation had carried out a $one hundred 000 000 financing dedication to launch an ICO for St. James believe. The filing continues After Cherubim s stock cost and buying and selling quantity multiplied on this information distinctive participants associated with the company will have dumped their overestimated Cherubim stock for significant earnings."The SEC s archives contain a memorandum of working out (MoU) dated Jan. 5 that outlined Cherubim s alleged ICO financing dedication describing a so-called self reliant Intentional Communities Coin (SJT) that would generate adequate capital to create self-sustaining intentional communities throughout the USA and across 57 countries. The SEC the day gone by acknowledged that it had first acted to droop buying and selling in Cherubim securities after it had reason to doubt the accuracy of the corporation s disclosures. In step with the February suspension order Cherubim is purported to have issued press releases in January claiming it had acquired AAA-rated property from a subsidiary of a personal fairness investor in cryptocurrency and blockchain science. The SEC has additionally pointed to the company s failure to file stories for the fiscal year ending August 2017 as good as a quarterly record final November.The SEC recounted the day prior to this that despite issuing subpoenas to each St. James trust and James in June 2018 and having for my part served the trustee with copies of the subpoenas and improved closing dates more than one occasions neither the believe nor the trustee spoke back to the agency nor produced the necessary records. The agency for that reason seeks an order from the court docket compelling both to produce all responsive files.The agency emphasizes nevertheless that it continues its truth-finding investigation in this topic and up to now has now not concluded that anybody has violated securities legal guidelines. At the end of September Cointelegraph stated that the SEC had filed expenditures against an international securities dealer that used to be delivering Bitcoin-funded security-based swaps in an alleged violation of federal securities legal guidelines.