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SEC punishes company that didn’t sell any tokens, saying potential investors were misled about details of oil-drilling project
WASHINGTON—Securities regulators on Tuesday opened a new front in their campaign to crack down on fraud in the initial-coin-offering market by punishing a firm that didn’t sell any tokens.
The Securities and Exchange Commission said Tomahawk Exploration LLC and David Thompson Laurance tried to raise $5 million in 2017 by selling a token called “TOM,” short for the firm’s name.