The SEC charged Latvian citizen Ivars Auzins with investment schemes he created using fake names and businesses. He allegedly created a fraudulent ICO for a coin that would back “Denaro”, what he said was a debit card-like cryptocurrency wallet, but which never actually existed nor had a partnership with a credit card issuer as he claimed. In his second scheme, Auzins allegedly offered unregistered securities of Innovamine, which promised to mine cryptocurrencies on behalf of investors and give them a payout. According to the SEC, Auzins misappropriated nearly all assets he raised through his frauds — at least $7 million.