A famous Texas securities watchdog is in the latest cryptocurrency news for issuing a cease and desist order against an alleged cryptocurrency scammer which operated directly from Craigslist – the largest classifieds sites in the United States.
As an announcement on August 7 shows, the Texas State Securities Board (SSB) enforced an emergency action against the New York based purported investment provider Forex and Bitcoin Trader. In the announcement, the SSB noted that this is the fourth such action since the regulator started a second investigative sweep of suspect fraudulent crypto offerings in late June.
As the Emergency Cease and Desist Order shows, the Forex and Bitcoin Trader was advertising its investment scheme on Craigslist Dallas, where he promised a 900% return in 14 days. This is how the Texas securities watchdog ceased the Craigslist scammer.
Aside from promoting a crypto investment scheme which promises a $20,000 return from a principal investment of $2,000, the entity claimed to be a licensed broker for trading securities, foreign currency and derivatives as the order reads. Discovered by investigators and the Texas securities watchdog first, the Forex and Bitcoin Trader was seen as not registered with the Securities Commissioner as a dealer or agent.
In fact, the Craigslist scam was misleading investors by claiming that the company has an insurance policy as well as sufficient capital to guarantee investor returns. However, the report also notes that the firm did not disclose any information about its capital or insurance policy.
Meanwhile, the coming altcoin news show that the Texas securities watchdog continues its crackdown on crypto scams. As mentioned in the original announcement of this case, the Texas State Securities Board was the first state securities regulator in the US to enter an enforcement action against a cryptocurrency related firm. The authority has reportedly entered 24 administrative orders to date – including 62 individuals and entities in total.
As a reminder, many best cryptocurrency news sites spoke about the case of January 2018 when the Texas securities Commissioner ordered a cease and desist injunction against the infamous crypto scam Bitconnect, arguing that the company was selling unlicensed securities.
All of this happens while the regulation on Bitcoin and cryptocurrency is tightening up in many countries.
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