RATE Group | FINRA Takes Down HempCoin Cryptocurrency for Securities Violations
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FINRA Takes Down HempCoin Cryptocurrency for Securities Violations

12 Sep FINRA Takes Down HempCoin Cryptocurrency for Securities Violations

Posted at 23:48h in Cryptocurrency News by

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Hempcoin Finra cryptocurrency

The Financial Industry Regulatory Authority (FINRA) has issued its first cryptocurrency-related disciplinary action, charging Timothy Tilton Ayre, a broker in Agawam, MA., with securities fraud and the unlawful distribution of HempCoin, which the agency claims is an unregistered cryptocurrency security.

FINFRA, a not-for-profit organization overseen by the SEC to author rules and enforce compliance of federal securities laws, has accused Ayre of trying to entice people to invest in Rocky Mountain Ayre Inc. (RMTN) through the purchase of HempCoin, which Ayre claimed was “the first minable coin backed by marketable securities,” from Jan. 2013 to Oct. 2016, according to the complaint.

The agency claims Ayre made fraudulent statements about the finances of RMTN, which was traded over the counter and quoted on OTC Markets group’s Pink Market.

Misrepresentations Cited

FINFRA further claims that, in June 2015, Ayre purchased the coin’s rights and repackaged it as a security…

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