RATE Group | Cryptocurrency scheme promising ‘guaranteed, no-risk returns’ targeted by Texas regulato…
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Cryptocurrency scheme promising ‘guaranteed, no-risk returns’ targeted by Texas regulato…

30 Nov Cryptocurrency scheme promising ‘guaranteed, no-risk returns’ targeted by Texas regulato…

Posted at 02:35h in Cryptocurrency News by

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Royer has 31 days to request a hearing before the order becomes final and non-appealable. Violating the cease-and-desist constitutes a third-degree felony punishable by a fine of up to $10,000 or a prison sentence of up to 10 years, according to the order signed Wednesday by Texas Securities Commissioner Travis Iles.

Royer allegedly marketed My Crypto Mine as a passive investment and told potential investors, who are required to put up a minimum of $5,000, their capital will “never lose its value,” according to the order.

Royer further claimed that My Crypto Mine has been helping small investors build nest eggs, create “six-figure” college funds, pay off credit card debts or extend retirement funds, the securities board said. He also claimed the service has been chosen by a “major national church” to be its recommended cryptocurrency investment for 6 million members.

Royer has advertised that the company’s trading is audited twice yearly,…

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