The SEC has accused the couple of illegal sale of water-supplied tokens

   The U.S. Securities and Exchange Commission (SEC) has accused a married couple from Texas of defrauding investors for $500,000. The funds were raised as a result of illegal sale of TeshuaCoin tokens, among other things.

According to the regulator, former Pastor Larry Donnell Leonard and his wife Shuwana Leonard attracted nearly $500,000 from more than 500 investors through their Teshuater and Teshua Business Group companies.

The couple first distributed share certificates to Teshuater, a Teshuater alkaline water company. Then they decided to sell TeshuaCoin tokens, planning to raise $20 million. The defendants claimed that TeshuaCoin was a fully functioning cryptographic currency with a value comparable to that of Bitcoin.

According to them, TeshuaCoin has a "unique" property - it is provided with alkaline water, which is produced by Teshuater. According to the SEC, TeshuaCoin had no supply. During the sale of tokens, the spouses raised over $170,000 from investors. They also raised money for a non-existent Bitcoin business, but spent it on options speculation.

According to the regulator, during the fundraising the Leonard family mainly focused on African Americans. The SEC accuses the spouses of violating securities laws, as well as fraud, and asks the court to recover their embezzled money and impose a fine.

Recall that last month the Commission accused the Meta 1 Coin cryptographic project of conducting a fraudulent ICO and embezzling $4.3 million from more than 150 investors.