SEC Fights Abramoff Ally’s Bid To Nix Bitcoin Fraud Suit

Law360 (November 20, 2020, 6:46 PM EST) — The U.S. Securities and Exchange Commission told a California federal judge Thursday that its case against a Jack Abramoff-connected company and its CEO that allegedly bilked investors out of $5.6 million for a purportedly improved version of bitcoin should be allowed to go forward because the tokens are a security.

In June, the SEC and U.S. Department of Justice filed parallel complaints alleging political lobbyist Abramoff, Nevada-based National AtenCoin Foundation, or NAC Foundation, and its CEO Rowland Marcus Andrade deceived investors into buying what they claimed was a enhanced version of bitcoin when in reality the token and its blockchain were…

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