In the SEC’s January 2nd letter requesting compulsion of bank records from private messaging app provider Telegram, the regulator of American capital markets claimed it possessed documents showing that Telegram, “paid commissions to purchasers who were buying Grams to resell to other investors…”
If that is true, the SEC wrote, such actions would, “render (the resellers) statutory underwriters (such that Telegram’s offering would not qualify for an exemption),” under Red D.
The SEC has now submitted two invoices that appear to show that GRAM tokens were brokered for Telegram outside of the official sales held in January and March 2018.
One invoice, uploaded by Coindesk here, appears to have been submitted to Telegram Group Inc. by Da Vinci Capital, a company listing offices on Guernsey Island, in London, in Moscow, and in Hong Kong.
That invoice is date 21 September 2018 and refers to an agreement made in June of that year. The invoice bills for $209, 783 USD in fees relating to more than $2 million USD in gross proceeds.
The other invoice is dated 11 October 2018 and refers to an agreement dated 15 June 2018, “between TON Issuer Inc (the “Telegram”), Telegram Group Inc. (the “TGI”) and Gem Inc…”
On that invoice, Gem Inc. bills Telegram for more than $682 000 USD in fees relating to more than $4 550 000 in gross proceeds and €1 169 250 in fees relating to €7 795 000 in gross proceeds.
The two documents appear to add force to the SEC’s contentions that GRAM tokens were sold as an investment vehicle without being registered as such.
In January and March 2018, Telegram raised $1.7 billion USD from “171 purchasers” in order to build a multi-purpose blockchain it promised to integrate with its popular messaging app with millions of users.
Telegram recently informed investors that the TON payment network will not, at least initially, be integrated with the messaging app but will be accessible through a stand-alone wallet app.
According to ICODrops, Telegram sold 44% of 5 billion total GRAM tokens in the two original rounds.
The purchasing agreement said buyers were not allowed to sell the GRAMs until the TON blockchain was launched on or before October 31st, 2019, but secondary sales have taken place regardless.
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