Law360 (February 12, 2020, 3:42 PM EST) — Cryptocurrency company Blockvest LLC and its founder Reginald Buddy Ringgold III have challenged the U.S. Securities and Exchange Commission’s call for sanctions for allegedly submitting false documents to a California federal court, arguing Tuesday that the “draconian” punishment would be too extreme.

The SEC filed its motion last month seeking a default judgment against Blockvest and Ringgold that would end the case over an allegedly fraudulent initial coin offering in its favor. The regulator said Ringgold knowingly submitted at least one false and forged declaration and asked other individuals to lie to the court on his behalf.

Ringgold contended in his…

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