TLDR:

• The SEC charged Donald Basile and two companies over a fraudulent $16 million Bitcoin Latinum SAFT offering.
• Basile falsely claimed LTNM was the world’s first insured digital asset with up to $1 billion in coverage.
• Millions in investor funds were allegedly misused for real estate, credit card bills, and a $160,000 horse.
• The SEC is seeking disgorgement, civil penalties, permanent injunctions, and an officer-and-director bar against Basile.

Bitcoin Latinum founder Donald G. Basile now faces federal fraud charges from the U.S. Securities and Exchange Commission.

The SEC claims Basile and his two companies raised $16 million from hundreds of American investors through fraudulent crypto offerings.

Regulators filed the complaint on April 17, 2026, in the Eastern District of New York. The charges center on false claims about insurance, asset backing, and the intended use of investor funds.

Alleged Misrepresentations Behind the Bitcoin Latinum Offering

The case revolves around the sale of Simple Agreements for Future Tokens, or SAFTs. These instruments promised investors the right to receive a crypto asset known as Bitcoin Latinum, or LTNM.

Basile conducted the offering through GIBF GP, Inc. and Monsoon Blockchain Corporation. The campaign launched in 2020 and attracted hundreds of investors across the United States.

According to the SEC, Basile repeatedly told investors that LTNM “is the world’s first insured digital asset” with “up to $1 billion coverage.”

He made...

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