The U.S. Securities and Exchange Commission on Tuesday obtained an order barring the founder of the company behind the Tomahawkcoin initial coin offering from being an officer or director in any registered company or participating in any penny stock offerings.

According to the SEC, David T. Laurance attempted to raise money through the sale of the blockchain-based digital token nicknamed TOM to fund Tomahawk Exploration LLC, an oil-and-gas company focused on exploration and drilling in Kern County, California. The SEC claimed that Tomahawk’s promotional material used inflated oil production estimates that were contradicted by internal projections, and the company misleadingly suggested that it had leases for drilling sites.

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