The SEC sued a cryptocurrency executive and his companies, alleging they raised about $16 million from hundreds of investors by making false claims about an insured, asset-backed digital currency called Bitcoin Latinum.

Donald Basile carried out the scheme through his companies Monsoon Blockchain Corp. and GIBF GP Inc. from March to December 2021, according to the Securities and Exchange Commission’s complaint filed Friday in the US District Court for the Eastern District of New York.

Basile made several false statements selling agreements to investors with promises they would receive Bitcoin Latinum tokens in the future, the SEC said.

He allegedly …