RATE Group | Fake Cryptocurrency Mining Company Scammed Investors With $3.5 Million
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Fake Cryptocurrency Mining Company Scammed Investors With $3.5 Million

12 Jan Fake Cryptocurrency Mining Company Scammed Investors With $3.5 Million

Posted at 03:59h in Cryptocurrency News by

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Security and Exchange Commission (SEC) of the United States has sued a man for allegedly operating a fraud cryptocurrency mining company. As per the complaint Donald G. Blakstad cheated over $3.5 million from investors via three different companies.

Fake Cryptocurrency Mining Company Scammed Investors With $3.5 Million

“This matter involves an offering fraud orchestrated by Blakstad in which he raised approximately $3.544 million from at least 14 investors through the fraudulent offer and sale of securities in three companies he owned and controlled,” the complaint reads.

According to the report, these three businesses include a vehicle spare parts company, a gas and oil firm, and a company named Energy Source International. However, the main business for Blakstad was fake cryptocurrency mining.

Reports also suggest that Blakstad has stolen $550,000 from five individuals via his fake cryptocurrency mining company. He told them that this money is going to be utilized for buying…

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