RATE Group | FINRA Charges Broker With Fraud for Trading Unregistered Cryptocurrency
42056
post-template-default,single,single-post,postid-42056,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

FINRA Charges Broker With Fraud for Trading Unregistered Cryptocurrency

12 Sep FINRA Charges Broker With Fraud for Trading Unregistered Cryptocurrency

Posted at 10:35h in Cryptocurrency News by

[ad_1]

The U.S. Financial Industry Regulatory Authority (FINRA) has filed a complaint against Timothy Tilton Ayre, charging him with securities fraud and the illegal distribution of an unregistered cryptocurrency, according to a statement released on FINRA’s website Tuesday, September 11.

In the complaint, FINRA, overseen by the U.S. Securities and Exchange Commission (SEC), states that Massachusetts-based Ayre tried to lure investment to his public company, Rocky Mountain Ayre, Inc. (RMTN), by selling HempCoin, which he misrepresented as “the first minable coin backed by marketable securities.”  The regulator writes that Ayre’s claims are “fraudulent, positive statements about RMTN’s business and finances.”

Furthermore, Ayre stated that HempCoin is a security backed by RMTN common stock, telling investors that each coin was equivalent to 0.10 shares. As a result, more than than 81 million HempCoin securities were mined in late 2017 and sold on crypto exchanges. As Ayre never…

[ad_2]

Source link

Tags:
, , , , , ,