A class action lawsuit has been started in the B.C. Supreme Court concerning digital tokens (coins) known as “FUEL” sold by the Defendants Vanbex (defined below), Hobbs, Cheng, Walsh and Onn, during a so-called “initial coin offering” in 2017.
This action alleges that more than $30-million worth of FUEL tokens were sold by these Defendants in breach of the Securities Act and by deception upon the public market, resulting in loss to the Plaintiffs and others like them who acquired FUEL tokens. This action alleges further alleges that despite being on notice regarding the activities of the Defendants Vanbex and Hobbs, the defendant TD Bank failed to investigate and permitted its facilities to be used to perpetrate the wrongdoing.
The case is Beck et al. v. Vanbex Group, Inc. et al. (SCBC No. S-199464).
The action seeks to hold the Defendants accountable for their unlawful conduct and to obtain compensation.
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A partial settlement was reached with the Defendants Walsh and Onn. The order approving that settlement is on the Court Documents tab
August 26, 2019