Blockvest Escapes Default Judgement in a Lawsuit

Rosegold Investments and Master Investment Group are the companies accused, as they’re behind the project. They also cited Reginald Buddy Ringgold, III, aka Rasool Abdul Rahim El, as a defendant. Ringgold filed an answer for himself, and given companies lack of response to the lawsuit, they were put in default liability on Sep.25,2019, as there was no opposition. Court filings revealed that the point in retracting was because of all the three companies share a close background. Ringgold, the founder of both the companies, was excluded from the default judgement. Blockvest might remain in hot water in case it fails to defend itself properly.

Blockvest’s Dilemma

This is a tricky affair, as allegations have been made against the project by the Securities and Exchange Commission to have been fraudulent when it comes to key evidence. The commission by virtue of unpaid sanctions appealed for a default judgement, but it is not close to being granted. Both cases are on a similar pattern against Blockvest, primarily of violating securities regulation. It suggests that Blockvest would meet a similar fete most probably in both cases. Before being restricted by the SEC, Blockvest used to provide pre-initial coin offering at $2.5 million. While in the beginning, the court took a stand for Blockvest, they, later on, had a change of heart and turned against Blockvest and found them guilty of suspicious activities.