1. The SEC has charged former corrections officer John A. DeSalvo for defrauding around 220 law enforcement and first responder investors.
2. DeSalvo raised over $620,000 through an unregistered cryptocurrency token named Blazar Token.
3. He falsely represented Blazar Token as SEC-approved and promised #high returns, claiming it would replace pension systems.
4. The #token collapsed in May 2022, and DeSalvo is accused of misusing the #funds for personal expenses.
5. The #SEC seeks penalties, a ban on future #cryptocurrency involvement, and DeSalvo also faces criminal charges for the alleged fraud.
