Crypto Co. Can't Trim SEC's $2.5M Offering Fraud Suit – Law360

Law360 (October 27, 2020, 5:04 PM EDT) — Cryptocurrency company Dropil Inc. and two of its executives can’t shed fraud claims they face in connection with the sale of their digital assets called Drops, a California federal judge has ruled.

U.S. District Judge Stanley Blumenfeld Jr. on Friday denied the partial dismissal bid filed by defendants Dropil and co-founders Jeremy McAlpine and Zachary Matar, finding that the U.S. Securities and Exchange Commission had laid out its allegations in its civil enforcement action with enough specificity for the suit to go forward.

“The complaint adequately sets forth the reason(s) each [alleged] misstatement was fraudulent and sufficiently alleges that each defendant…

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