Todd R. Kornfeld, of counsel in the Financial Services Practice Group of Pepper Hamilton, was quoted in the December 8, 2017 CNNMoney article, "Feds Start to Crack Down on Fraud as Bitcoin Soars."
The agency declined to comment specifically about the prevalence of fraud, but Todd Kornfeld, an attorney with Pepper Hamilton who specializes in financial regulations as well as ICOs and blockchain technology, said the feds are looking for obvious fraudsters.
"So far, the cases that have attracted regulatory scrutiny and enforcement actions appear to be blatant, outright frauds where apparently there were never any intentions of actually delivering a product or service, or so it has been alleged," Kornfeld said.
"Spotting a potentially fraudulent ICO is no different from spotting a fraud in anything you buy or a business arrangement that you enter," Kornfeld said. "It's partly a look and smell thing. Do things look right?"