The U.S. Securities and Exchange Commission (SEC) has levied a gargantuan fine of approximately $4 million on Coinme, a company based in the heart of Seattle. In addition, the finanical watchodg has charged a few other defendants related to the case, for engaging in an unregistered and fraudulent marketing of a cryptocurrency asset called UpToken.

Charges that claimed Coinme’s Up Global division and Neil Bergquist — who oversaw both the companies — and deceived investors in a 2017 Initial Coin Offering (ICO) for an Ethereum-based UpToken, were resolved in an unambiguous settlement announced on Friday.

According to the SEC, investors were allegedly persuaded to believe that Up Global would set a hard cap of the total supply of UpToken, while Coinme would generate consistent demand for the token “to fund a Bitcoin automated teller machine” incentives program, which would thereby boost the price of the token.