The U.S. Securities and Exchange Commission (SEC) has charged John A. DeSalvo, a former New Jersey State Correctional Police Officer, with fraudulently raising funds through the unregistered offering of the Blazar Token, a crypto asset security he created. The token saw its downfall in May 2022.
DeSalvo initiated the Blazar Token in November 2021. By the time of its collapse in May 2022, he had amassed at least $620,000 from around 220 investors. DeSalvo had positioned the Blazar Token as a replacement for “existing state pension systems” catering to law enforcement, firefighters, and paramedics. He also falsely conveyed to investors that the token had SEC registration and was available for purchase via automatic payroll deductions, promising them “extraordinary returns.”
The SEC’s investigation revealed that DeSalvo misused a significant portion of the investor funds. He transferred a large chunk to his personal crypto asset…
