Please see below, 2/17/2022 Order to Show Cause, for an important update on this case

On December 1, 2017, the SEC filed a Complaint against PlexCorps, Dominic LaCroix ("LaCroix"), and Sabrina Paradis-Royer ("Paridis-Royer") (collectively, the "Defendants"), and at the same time, sought and obtained temporary restraining orders, to stop the Defendants' dissemination of a series of material false and misleading statements and the misappropriation of investor assets in connection with the illegal offering for unregistered securities known as PlexCoins through the PlexCoin Initial Coin Offering ("ICO"). In its complaint, the SEC alleged that PlexCorps, and its proprietors Lacroix and Paradis-Royer, fraudulently raised millions of dollars in virtual and fiat currency from the unregistered sales of PlexCoin based on a series of false and misleading statements to potential and actual investors, including misrepresentations about the size and scale of PlexCorps' operations, the use of funds raised in the PlexCoin ICO, and the amount of funds raised in the PlexCoin ICO. The SEC charged the Defendants with violations of Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") [15 U.S.C. § 78j(b)] and Rule 10b-5 thereunder [17 C.F.R. § 240.10b- 5], and Section 17(a) of the Securities Act of 1933 ("Securities Act") [15 U.S.C. § 77q(a)]; and Lacroix and PlexCorps with violations of Sections 5(a) and 5(c) of the Securities Act [15 U.S.C. §§ 77e(a), 77(e)(c)]. See the SEC's Complaint.

On October 2, 2019, the U.S. District Court for the Eastern District of New York (the "District Court"), entered a final judgment against PlexCorps, Lacroix, and Paradis-Royer (the "Final Judgment"). Pursuant to the Final Judgment, the Defendants, without admitting or denying the allegations in the SEC's Complaint, are enjoined from further violations of Section 17(a) of the Securities Act, and Section 10(b) of the Exchange Act and Rule l0b-5 thereunder, and Lacroix and Paradis-Royer are additionally enjoined from violations of Sections 5(a) and 5(c) of the Securities Act and from participating in any digital-securities offerings. The Court ordered all Defendants to disgorge, on a joint and several basis, $4,563,468 in ill-gotten gains from the PlexCoin ICO plus $348,145 in prejudgment interest, Lacroix and Paradis-Royer to each pay a $1,000,000 civil penalty and created a Fair Fund so that collected civil penalties can be combined with collected disgorgement and prejudgment interest for distribution to harmed investors (the “PlexCorps Fair Fund”). The Final Judgment requires the Defendants to forego their rights to the entirety of the investor funds seized by a receiver appointed by the Superior Court of Quebec, totaling approximately $4 million (the "Canadian Receiver"), as well as $800,000 in investor funds held by U.S.-based entities that were subject to an asset freeze issued by the District Court. See the Final Judgment.

The SEC anticipates coordinating any distribution to harmed investors with the Canadian Receiver. On or about November 20, 2019, the SEC staff directed an Investor Notice of Distribution Plan to individuals and entities identified as having expressed interest in, or invested in, the ICO. If you invested in PlexCoin through the ICO, please review this notice.

On January 2, 2020, the SEC filed a status report with the Court, updating the Court on the status of the disposition of the assets collected in the United States in this matter. In its status report, the SEC references a December 6, 2019, letter sent to the Court by Skip Shapiro is available.

On January 31, 2020, the Receiver moved the Superior Court in Quebec, Canada, for a Declaratory Judgment; see English translation. The SEC has taken the position reflected in this letter regarding the request, sent by its local counsel to the Superior Court. On February 26, 2020, the Receiver filed a Report concerning the Request to Obtain a Declaratory Judgment. On or about March 25, 2020, the Receiver filed an Amended Report; see English translation.

On October 29, 2020, the Honorable Daniel Dumais of the Superior Court of Canada, Province and District of Quebec, issued a judgment on the Receiver’s Declaratory Judgment request, declaring that:

1. If and when sent to the Receiver for distribution, the frozen assets in the United States should be distributed to Plexcoin investors as currently defined in clause 1.1.13 of the Plan;
2. The frozen assets in Quebec should be distributed to the creditors of Dominic Lacroix; and
3. Neither distribution will be subject to a de minimis debt value of $250.

An English translation of judgment is available. The Court further ordered the Receiver to adjust the Plan and present it to the Superior Court for authorization as soon as possible.

On May 7, 2021, Judge Dumais issued a Claims Procedure Order, the English translation.

You may see a copy of the Receiver’s Notice of Claims Procedure, which provides additional information in both English and French about the claims procedure.

The Claims Deadline (August 4, 2021) has passed.

On October 15, 2021, the Canadian Receiver filed an interim Report on the Claims Procedure and on a Possible Distribution Plan. An English translation of that Report is available. In the Report, the Canadian Receiver “outlines an overview of proofs of claim that were produced during the period from May 7 to August 4, 2021,” “raises the main issues identified during the analysis,” and discusses the principles suggested by the interim Administrator in light of a possible distribution plan.” (Interim Report, paragraph 1.4).

On December 3, 2021, the Canadian Receiver filed a report and two proposed distribution plans with the Superior Court in Quebec, Canada (the “Superior Court”): one for the distribution of assets held by the Receiver in Canada (the “Canadian Plan”) and one for the distribution of assets collected by the SEC on the Final Judgment if and when the District Court orders their transfer to the Canadian Receiver (the “Receiver’s US Plan”).

On December 10, 2021, the Canadian Receiver filed a motion seeking approval of modified distribution plans. Written objections are due by December 22, 2021. The translated motion and exhibits are available.

On January 14, 2022, the SEC filed a letter with the (U.S.) Court requesting a pre-motion conference regarding the appointment of a tax administrator for the PlexCorps Fair Fund to ensure its compliance with IRS rules and regulations. On January 20, 2022, after a telephonic pre-motion conference, the Court entered an Order Appointing a Tax Administrator and Related Relief.

By Order dated January 31, 2022, the Superior Court in Quebec approved the Canadian Plan (English translation) and the Receiver’s US Plan (English translation).

On February 17, 2022, the SEC filed a letter with the Court requesting a pre-motion conference regarding its motion for an Order to Show Cause why the PlexCorps Fair Fund be directed to the Receiver for distribution pursuant to the Receiver’s US Plan.

On February 17, 2022, the Court entered an Order to Show Cause. Pursuant to that Order, individuals and entities who purchased PlexCoin tokens through its initial coin offering must show cause, if there is any, why the Court should not enter an Order approving the proposed transfer of the PlexCorps Fair Fund to the Receiver for distribution pursuant to the Receiver’s US Plan. Objections must be make in accordance with the directions in the Order to Show Cause, Section II is available, no later than 11 :59 p.m. EST on March 19, 2022.

On March 30, 2022, the SEC filed a Notice of No Objection and proposed Order in accordance with Section III of the Order to Show Cause.

On March 31, 2022, the Court issued an Order approving the transfer of the PlexCorps Fair Fund to the Receiver for distribution in accordance with the Receiver’s US Plan, and related relief.

On October 12, 2022, the Superior Court in Quebec issued an Order (English translation) that, among other things, approved some amendments to the Receiver’s US and Canadian Plans and the processing of late claims.

If you have any questions regarding the claims process, please contact the Receiver at plexcoin@rcgt.com or through the website below.

Please periodically review the Canadian Receiver’s website, for updates, including notices to investors, and filings in the Canadian Proceedings. Please also continue to monitor this webpage for updates.

Please note, the SEC has no affiliation with the 'PlexCoin - Smart Team' Telegram Chatroom and provision of information to or through that chat room is not provision of information to the SEC.

For more information, please contact the Commission:

Office of Distributions
Email: ENFOfficeofDistributions@sec.gov