The U.S. Securities and Exchange Commission said on Aug. 23 that it had charged a former New Jersey correctional officer “with fraudulently raising funds through the unregistered offering of the blazar token.” The Commission said the correctional officer’s scam was primarily targeted at law enforcement agents and first responders.
Replacing the State Pension System With Blazar Token
The U.S. Securities and Exchange Commission (SEC) announced on Aug. 23 that it has charged John DeSalvo, a former New Jersey correctional officer, “with fraudulently raising funds through the unregistered offering of the blazar token.” The SEC alleged that by selling the now-defunct token, DeSalvo was able to raise $620,000 from approximately 220 investors.
As explained in a statement released by the SEC, the former correctional officer primarily targeted law enforcement agents and first responders. In addition to falsely claiming that the token was registered with the SEC, DeSalvo told investors
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