Let's recall that the SEC's complaint, filed on October 3, 2018, alleged that the defendants claimed that they were planning to raise funds through an initial coin offering (ICO) for several financial products that would generate passive income and double-digit returns based on misrepresentations about the firm's regulatory status. According to the complaint, Blockvest falsely claimed its ICO and its affiliates had regulatory approval from various agencies. The complaint further says that Blockvest and Ringgold, who also goes by the name Rasool Abdul Rahim El, were using the SEC seal without permission, thus committing a violation of federal law. Ringgold promoted the ICO with a fake agency he created called the "Blockchain Exchange Commission," using a graphic similar to the SEC's seal and the same address as SEC headquarters.