Ripple sued, after violating US Security Laws

A lawsuit has been filed against Ripple’s CEO and its subsidiary.

The lawsuit alleges that they have violated the state and federal securities laws, engaging in schemes that raised hundreds of millions of dollars through the sale of unregistered ripple tokens (XRP).

A resident of San Diego has filed a lawsuit against the CEO and Subsidiary of Ripple. He filed the lawsuit with the Superior Court of the State of California, seeking damages.

He purchased 650 XRP at $2.60 per token around January 6 and sold them at approximately $1.70 per token around January 18.

According to the resident:

The lawsuit arises out of a scheme by defendants to raise hundreds of millions of dollars through the unregistered sale of XRP to retail investors in violation of the registration provisions of state and federal securities laws.

Source: news.bitcoin.com

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