Westlaw News

Abramoff associate accuses SEC of misconduct in crypto case

An associate of lobbyist Jack Abramoff accused of selling unregistered securities in the form of digital tokens has accused attorneys of the U.S. Securities and Exchange Commission of falsely claiming the technology behind his “superior” cryptocurrency did not exist despite knowing he held related patents.

Rowland Marcus Andrade and his company NAC Foundation, represented by Murphy & McGonigle, asked a San Francisco federal judge on Monday to dismiss the SEC’s June lawsuit alleging he and Abramoff defrauded investors in a $5.6 million digital token offering. Andrade questioned whether SEC staff “purposefully attempted to mislead the court” by accusing him of touting technology that had not been developed, even though they knew he held patents for anti-money laundering technology related to NAC’s AML Bitcoin.

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