Texas Watchdog Exposes ‘Double Your Money’ Scam on Facebook

Nickolas Steele, who manages a Facebook page called CryptoFacts, was ordered today to ‘case and desist’ on charges that he defrauded people by soliciting investments in a phony cryptocurrecy scheme, Texas Securities Commissioner announced.

According to a non-‎appealable cease and desist order, Steele, who also goes by Nick Vop Steele and Nick Steele, is advertising on the craigslist.org site, seeking investments of between $5,000 and $50,000. He pooled money from investors through a business account at PayPal held by a company called Nuvop Inc., which Steele controls.

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His most recent craigslist ad claims he earned “huge profits” on bitcoin trades in February and March 2020.

The Illinois resident charges 20% of the “trade consulting profits” as a fee and promises to pay investors at the end of a 12-month lock period.

Throughout the write-up, the state of Texas lists a number of details, but…