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OSC, SEC fine failed blockchain listing Nextblock

2019-05-14 16:09 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission

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by Mike Caswell

The Ontario Securities Commission and the U.S. Securities and Exchange Commission have imposed $1.1-million in sanctions on Toronto's Nextblock Global Ltd. and its co-founder, Alex Tapscott, 33, for misleading investors in a proposed $200-million offering. Nextblock claimed that four people prominent in the blockchain community were advisers to the company. These claims turned out to be incorrect, a fact that the company did not disclose to the more than 100 investors in Canada and elsewhere.

The sanctions are contained in an OSC settlement agreement and an SEC order released on Tuesday, May 14. They come nearly two years after Nextblock proposed going public through a reverse takeover with a TSX Venture Exchange shell, Nobelium Tech Corp., and had proposed raising $200-million through Canaccord Genuity Corp. and CIBC World Markets Inc. The money evaporated after Forbes reported that none of the company's supposed advisers had agreed to serve in that capacity.

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