Connect with us

Hi, what are you looking for?

Editor's Pick

Court Rules Influencer Ian Balina Violated Securities Laws Promoting SPRK Tokens

A U.S. district court has found crypto influencer Ian Balina guilty of violating U.S. securities laws.

According to recent court filings, Judge David Alan Ezra ruled that Balina was guilty promoting and selling SPRK tokens without proper disclosure. the judge ruled that SPRK tokens met the criteria of the Howey Test, making them securities.

Unlawful Promotion without Proper Disclosure

Balina faced charges in September 2022 due to his participation in the unregistered initial coin offering (ICO) of SPRK tokens. The Securities and Exchange Commission (SEC) contended that these tokens necessitated appropriate registration and disclosure.

The court found that Ian Balina engaged in promoting and selling SPRK tokens through various social media platforms, including YouTube and Telegram.

Balina did not disclose that he was receiving compensation of a 30% bonus for these promotions, which the court determined was a violation of Section 17(b) of the Securities Act.

Balina organized an investment pool where he offered SPRK tokens to investors. The SEC highlighted that he failed to properly disclose his financial interest in the tokens he received from Sparkster, the company behind SPRK.

The SEC stated that the token offering raised approximately $30 million from nearly 4,000 investors located abroad and in the U.S. from April to July 2018.

Ian Balina’s Response to SEC’s Charges

Balina’s website posted a response to the SEC’s “baseless” charges, saying, “This is the first time a private pre-sale purchase of a digital asset token has been accused of being ‘compensation’ in exchange for publicity.”

“The Security and Exchange (SEC) Enforcement Division’s proposed charges against Mr. Balina are an unfounded effort based upon multiple misconceptions of fact and law, enumerated below,” the post reads.

The response asserted that Balina did not receive any compensation, and there is no evidence to support such allegations. It also claimed that he did not profit from his purchase, suggesting that he might be a victim of fraud by the Sparkster team, similar to other investors.

The post Court Rules Influencer Ian Balina Violated Securities Laws Promoting SPRK Tokens appeared first on Cryptonews.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like


Boeing’s spaceflight program may reach a significant milestone Monday night with the launch of its Starliner spacecraft, carrying — at long last — two...


Arcade chain Dave and Buster’s plan to allow customer betting isn’t winning over everyone. Software company Lucra Sports announced on Tuesday that it was working with...

Top News

It appears increasingly possible that Donald Trump could face actual jail time before we ever get a verdict in any of his four criminal...


A 17-year-old boy handed himself in to police after admitting that he attacked a German politician on Friday. Police say that Matthias Ecke, the...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 InvestorsOnRetire. All Rights Reserved.