RATE Group | Regulators File Cease and Desist Against Craigslist Scam Promising 900% Crypto Returns
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Regulators File Cease and Desist Against Craigslist Scam Promising 900% Crypto Returns

09 Aug Regulators File Cease and Desist Against Craigslist Scam Promising 900% Crypto Returns

Posted at 09:40h in Cryptocurrency News by

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Officials in Texas have filed a cease and desist letter against a cryptocurrency promoter for posting misleading advertisements on Craigslist.

This represents the fourth emergency action taken against a cryptocurrency firm since the Enforcement Division of the State Securities Board restarted a sweeping investigation of the industry in June.

According to a statement published August 7, the New York-based Forex and Bitcoin Trader advertised 900 percent gains for two week investments. The firm stated a $2,000 investment in cryptocurrencies, foreign currencies, or commodity-based derivatives would see returns of $20,000, not including fees, through their guidance.

The firm also claimed to be a licensed broker-dealer with an insurance policy and sufficient capital to guarantee returns.

Investigators found the company is not registered as either a dealer or agent with the state’s Securities Commissioner. Additionally, the firm had not supplied information regarding its…

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