Hodges v. Harrison

372 F. Supp. 3d 1342 (2019)

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Hodges v. Harrison

United States District Court for the Southern District of Florida

372 F. Supp. 3d 1342 (2019)

Facts

Daniel Harrison (defendant) created Monkey Capital, LLC and Monkey Capital, Inc. (Monkey Capital) and controlled their development. Monkey Capital scheduled an initial coin offering (ICO) to occur in July 2017. Harrison solicited people to invest in Monkey Capital before the ICO and represented that Monkey Coin would increase in value. Andrew Hodges and seven other individuals (the investors) (plaintiffs) invested in Monkey Capital and expected to earn a profit. Monkey Capital issued tokens, called Monkey Coin and Coeval, that were offered for sale across the United States through electronic means. Monkey Capital did not register its business, including the issuance of the tokens, with the United States Securities and Exchange Commission (SEC). The Monkey Capital ICO never occurred. In 2018, the investors filed a suit against Harrison, arguing that he unlawfully pocketed investor money and violated the Securities Act of 1933 by offering and selling securities without an effective registration.

Rule of Law

Issue

Holding and Reasoning (Middlebrooks, J.)

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