2018-05-08Texas Issues Cease-And-Desist To BTC ‘Investment Company’ Promised 100

[Crypto_Hot_News]

Texas Issues Cease-And-Desist To BTC ‘Investment Company’ Promised 100% Profit In 21 Days

The Texas State Security Board (TSSB) issued a cease-and-desist order May 8 to a Bitcoin investment company that reportedly offers unregistered securities and makes deceiving statements that mislead investors.

An official notice was issued to Forex EA & Bitcoin Investment LLC, represented by two individuals, James Butcher and Richard Dunn. The TSSB, according to the order, alleges that the company is involved in “fraud in connection with the offer of investments in the forex and Bitcoin trading program” and “materially misleading and deceptive practices.” The order says:

“Respondent Forex EA & Bitcoin is claiming to be a limited liability company with a place of business in New York, which is materially misleading or otherwise likely to deceive the public because the New York Department of State, Division of Corporations, does not reflect any filings attributable to Respondent Forex EA & Bitcoin.”

The order alleges that Forex EA & Bitcoin Investment LLC promoted different Bitcoin investments programs guaranteeing “100% profits in 21 days” with no risk involved. In addition, the regulator claims that the company failed to disclose crucial information about its background and the risks of Bitcoin investment:

“Respondents are representing investments in the Forex and Bitcoin trading program will provide lucrative profits while failing to disclose risks associated therewith, which is materially misleading or otherwise likely to deceive the public because there are risks associated with the Forex and Bitcoin trading program, and these risks relate to trading in cryptocurrencies...”

Recently, The Colorado Department of Regulatory Agencies (DORA) announced its investigation of two companies for promoting unlawful Initial Coin Offerings (ICOs) to Colorado residents. DORA representatives reported that both companies did not provide any information on the risks of investing in crypto or ICOs on their websites.

Source: https://cointelegraph.com/news/texas-issues-cease-and-desist-to-btc-investment-company-promised-100-profit-in-21-days

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Texas Issues Cease-And-Desist To BTC ‘Investment Company’ Promised 100% Profit In 21 Day

this is very good, at least shows that the US authorities are committed to protecting their citizens from being deceived by people whose goal is to become rich with other people's money. if we had more rigorousness coming from countries like UK and Panama then it would have put an end to the hiyp / ponzi sites. I do not know why governments today do not enforce any law that prohibits domain and hosting providers from accepting hyip/ponzi sites, if we had laws on this subject then we would not have hyip/ponzi sites that are obvious and many people would not be deceived and they would not lose money