[2018-11-28]Texas Securities Commissioner Issues Cease and Desist Order to. . .

[anamie]

Texas Securities Commissioner Issues Cease and Desist Order to Crypto Investment Firm

The Securities Commissioner of the U.S. State of Texas has issued an Emergency Cease & Desist Order (C&D) against crypto investment firm My Crypto Mine and its principal Mark Steven Royer, published to the regulator’s website Nov. 27.
The C&D claims that “sufficient evidence has been found” to substantiate that Royer, “acting on behalf of a white-collar criminal [Bruce Bise] and disbarred attorney [Samuel Mendez], offered tokens that are now nearly worthless” via a crypto investment scheme dubbed “BitQyk.” 

The document does not disclose details surrounding Bise’s status as a “white collar criminal,” but states that Mendez was disbarred as an attorney after “committing acts of dishonesty and moral turpitude by misappropriating funds.”

In May 2017, Royer is alleged to have joined Bise and Mendez in encouraging investors who “missed out” on Bitcoin to invest in the bitqy token, then priced at $0.02, but promised to rise to as high as $3.00 “in the indefinite future.” In truth, the token shed 99 percent of its value by Nov. 11, 2018. Investors who purchased the token at the time of Royer’s offering thus “lost almost the entirety of their principal investment.”

At present, Royer is principal of “purported” crypto trading and mining specialist My Crypto Mine. Without disclosing his previous affiliation with BitQyck, Bise and Mendez, Royer has instead claimed to investors that he has over thirty years’ experience in the IT sector and ten years of involvement in crypto, among other misleading material claims related to the My Crypto Mine itself.

My Crypto Mine, as per the C&D, is now “issuing a passive investment tied to cryptocurrency trading and mining that purports to provide guaranteed, lucrative returns.”

Readmore: https://cointelegraph.com/news/texas-securities-commissioner-issues-cease-and-desist-order-to-crypto-investment-firm

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[buwaytress]

Who says them Southerners are all about backing Federal Reserve Notes eh?

But anyway, this is just one of probably many, many more such schemes. Probably easier to hook people and sink them during a market boom, than the jittery conditions we're all in. There must be so many people with so much money to dump for them to fall for promises of profits when even great projects had a tough time attracting investment in this space. Probably took a scammed Texan to report them to authorities (or the authorities themselves falling for it). Cause we get these ponzis popping up every day. One would think these headlines are getting people aware but they go and prove us wrong again and again.

[Harlot]

This is good news, firms like this preying to the weak shouldn't even be allowed to exist. This what sickens me the most as what they are doing is mostly stealing the money of their investors away for them. False promises that this certain coins they are suggesting will rise up even they themselves don't know are giving the cryptocurrency industry a bad reputation. It makes the first time investors give a bad introduction to the community which they would most likely not invest in again.