Crypto Scams: US Texas Securities Regulator Issued 9 Orders by end-June
Cryptovest
Published Jul 10, 2018 08:25AM ET
Updated Jul 10, 2018 08:40AM ET
Crypto Scams: US Texas Securities Regulator Issued 9 Orders by end-June
The Texas Securities Board (TBS) said that it has issued administrative orders for nine alleged cryptocurrency fraudulent offers in the first half of 2018, a mid-year review published on July 9 revealed. Social media campaigns and online commercials have been the most common practices for misleading possible investors, according to the analysis.
The administrative actions were issued by TBS commissioner Travis J. Iles who serves as the regulator’s chief administrative officer and supervises the day-to-day activities of the staff.
“Texas Securities Commissioner Travis J. Iles entered nine administrative orders against some of the most notorious promoters of cryptocurrency investments, almost all of whom were fraudulently using online advertisements, social media, and other solicitations to attract Texas investors,” TBS said in a statement .
TBS has halted all nine crypto offers, issuing cease and desist orders within the border of Texas. The first action was taken against $4 billion BitConnect earnings scheme that masked itself as a lending platform followed by an order against R2B Coin, a Hong Kong-based company promising investors that R2B token will become one of the world’s most valuable cryptocurrencies.
Other major crypto scams, revealed by TBS, were a DavorCoin , which has offered $15,390 reward in the first month of the program and $107,217 after 120 days to Texans investing $30,000 in DavorCoin.
TBS also issued ‘cease and desist order’ against LeadInvest, an offshore company that has claimed being advised by Supreme Court Judge Ruth Bader Ginsburg and three former US Solicitors General.
In May, TBS halted Bitcoin Trading & Cloud Mining Ltd. also known as BTCRUSH, and Forex EA & Bitcoin Investment LLC for promoting suspiciously high-return investments, as well as Wind Wide Coin Inc., which has offered an “automatic trading bot”.
One of the companies, Investors in Crypto LLC, has agreed to stop activities within Texas until it fulfils all state securities requirements.
“The State Securities Board’s enforcement actions reflect the breadth and complexity of the investment schemes that try to defraud Texas investors,” commissioner Iles said on Monday.
“We are committed to preventing fraud and punishing unscrupulous promoters through both criminal and administrative actions.”
TBS is part of the “This article appeared first on Cryptovest 
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