1 October 2026
Couple In Texas Charged For Fake Water Backed Token Sale
The US Securities and Exchange Commission (SEC) accused a couple of living in Texas for defrauding investors via three investment offerings totaling half a million dollars.
The SEC on Friday announced a lawsuit in Federal court against the Texas couple- Shuwana Leonard and former pastor Larry Donnell Leonard. According to the information revealed, Leonards used their two companies Teshuater and Teshua Business Group to cheat over 500 investors by collecting almost $500,000 in three fraudulent offerings.
The SEC disclosed that the couple sells off fake certificates in their company Teshuater. Later, the couple conducted a $20 million sale of cryptocurrency TeshuaCoin with the bogus claim that the was backed by the company's water products. However, the fraudsters raise funds for a bitcoin mining investment that never existed and the money was spent on speculative options trades.
The complaint claims that Leonards mostly targeted African American investors and managed to rip off 500 victims from all over the country.
The SEC has now charged the couple along with their two companies for violating the Securities Act's anti-fraud and registration provisions. The organization is seeking permanent and conduct-based injunctions, disgorgement of the allegedly criminal profits, and civil penalties.
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