The US Securities and Exchange Commission (SEC) filed a new lawsuit against Telegram, indicating the sale of tokens after the end of the pre-ICO, during which $1.7 billion were raised.
Based on the data provided by the regulator, Gem Limited and Da Vinci Capital Investment Fund requested a $1.1 million and $209,783 commission invoice in the summer of 2018, a few months after the initial placement of Gram tokens.
The SEC believes that the companies violated Regulation D by requesting bills for "subsequent sales" of Gram purchase agreements. According to Regulation D, Telegram, as an issuer, was obliged to take appropriate measures and make sure that buyers did not sell the issuer's securities, followed by payment of commissions to them.
SEC filed a case against Telegram in an ongoing court. According to the invoices from June 20, 2018, Da Vinci Capital sold grams for more than $2 million to a fund managed by its portfolio company – ITI Funds. On July 2, 2018, Gem Limited sold tokens for €7.8 million to Goliat Solutions and another $4.5 million to Space Investments Limited.
This fact significantly undermines the arguments of Telegram in the dispute and the reluctance to provide financial information about the pre-ICO to the Commission. The Durov team noted that both transactions took place after the initial placement of tokens was completed, which means Regulation D was not violated.
Telegram denies billing illegality. Commissions were only a fee for finding funds for non-US individuals and legal entities for providing Gram to other investors.
Also, Telegram may not have time to provide the SEC with the required information before the next hearing. The next hearing of the case about the preliminary ban on the sale of Gram and the dispute between the SEC and Telegram will take place on February 18.
Telegram lawyer Alex Drylewski also said that if the case is not resolved in favor of Telegram before the end of April, or at least the ban on the sale of Gram tokens is not lifted, the company will be obliged to return $1.7 billion to investors.