ICO project SoluTech addresses bribery claims and breaches of security law with SEC

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The currently shut-down blockchain start-up SoluTech has resolved allegations of theft and compliance breaches against the U.S. Securities and Exchange Commission (SEC) as shown in a legal brief released on Friday.

As per the official document, the Connecticut-based company allegedly marketed and sold virtual currency securities and was engaged in fraudulent distortions between April 2018 and March 2019. These revenues were used to support the creation of a blockchain-based system called the Scroll Network, as well as many other items.

$2.4 million was raised by SoluTech and its co-founder Nathan Pitruzzello raised in their initial coin offering ( ICO) from more than 100 participants, some of whom were U.S. citizens. 

Under the deal, Pitruzzello will not be capable of hosting a virtual token protection offering, but will also be allowed to purchase and sell properties for himself. He would also have to pay $25,000 in civil fines.

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