You're using an ICO to try to get around the limitations the SEC has on investing in US equities. IANAL, but Im going to go with YES that's illegal. And, as a general rule to all looking to get rich quick with ICOs, hire a lawyer.
Well is it really trying to get around SEC limitations?
The only reason that I bring up ICO is because there is a massive amount of wealth being hoarded in ETH that can be used to generate returns for the owners.