Veritaseum (VERI)
A 2017–2018 ICO for the VERI token that the SEC said raised ~$14.8M via false statements and that founder Reginald Middleton manipulated on secondary markets. Middleton and Veritaseum settled with the SEC in 2019 for ~$9.5M and a permanent digital-securities bar.
Also known as: Veritaseum, VERI
Note: Middleton and Veritaseum settled the SEC's civil charges without admitting or denying the allegations.
Summary
Veritaseum, founded by Reginald "Reggie" Middleton, ran an ICO for the VERI token in 2017–2018. The SEC's August 2019 complaint alleged Veritaseum and Middleton fraudulently raised millions (≈$14.8M) through false and misleading statements about the project's profitability, the use of funds, and the amount raised, and that Middleton manipulated VERI's price and volume on secondary trading platforms and misappropriated at least ~$520,000 for personal use. [1][2]
Outcome
On November 1, 2019, a court entered a consented final judgment ordering ~$7.89M in disgorgement, ~$582K in prejudgment interest, and a $1M civil penalty (≈$9.5M total) into a Fair Fund for investors, and permanently barring the defendants from digital-securities offerings. [1][2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
Sources (2)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.