Dominic Lacroix, the Canadian citizen who has long been the subject of Plexcoin ICO fraud charges, was recently forced to transfer $3.7 million worth of Bitcoin (BTC) to a court-appointed administrator in Quebec City courtroom on the 6th of July as ordered by a judge, according to ICI Quebec.
Lacroix is alleged to be responsible for a fundraising scheme to scotch a sum of $15 million from investors, as Canada’s Financial Markets Authority and the U.S. Securities and Exchange Commission claims.
We Have Been Here Before
For an avid follower of cryptocurrency legal cases, Lacroix is no stranger to affluent infamy and court cases as he has a long and repeated history of run-ins with financial authorities. Lacroix had to plead guilty to six counts of “illegal placement” in 2013, an illegal practice, and transmission of false or misleading information” in Quebec, resulting in a reasonably mild fine of CAD 25,000.
The creator of PlexCoin was also ordered to stop the launch of PlexCoin (which he created) by Quebec’s financial regulator in July 2017, but he did go ahead with the ICO anyway. Lacroix consequently earned a contempt of court charge in Quebec, his assets were frozen soon, and he was sentenced to two months in jail.
Lacroix and Plexcoin Assets Frozen
On Thursday, the assets of Lacroix and his wife, Sabrina Paradis-Royer, was frozen after the U.S. and Canadian regulators were granted court approval to freeze their assets.
The story does not end here: as Lacroix was ordered by Judge Raymond W. Pronovost to also surrender his Bitcoins to the administrator and to report to the courtroom Friday to confirm the transaction. While the attorney for the court-appointed temporary administrator, Hugo Babos-Marchand, suggested the bitcoins could be transferred easily, Lacroix said otherwise; claiming the transfer was complicated because of the seizure of his computer.
The judge told Lacroix he was facing a jail term if he refused to make the transfer, and asked officials to bring in a computer to the courtroom. On the spot in the courtroom, Dominic Lacroix promptly made a transfer of 420 Bitcoins (BTC).
The SEC secured a court order against Lacroix in June to freeze his assets after an investigation halted the PlexCoin ICO last December.
Additional Asset Freeze Ordered
On June 20, the SEC requested an additional freeze of assets, following an investigation that halted PlexCoin last December. It was discovered Lacroix employed secret accounts to exchange cryptocurrency that he received from different ICO investors. He, along with his wife was charged with violating anti-fraud regulations in the PlexCoin ICO as his market materials included promises of 1,354% profits in less than one month.
Lacroix legal dance with the court still continues, as it has for five years now; and do not expect it to end anytime soon.