SoluTech, a defunct blockchain firm whose initial coin offering (ICO) raised $2.4 million, has settled fraud and securities violations charges with the U.S Securities and Exchange Commission (SEC).

The SEC slapped SoluTech and its co-founder, 24 year-old Nathan Pitruzzello with fines and a cease-and-desist order for conducting its unregistered 2018-2019 ICO of the SCRL token in an administrative filing published Friday.

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