Cease and Desist Order Issued
In a bold move, authorities in Texas have issued a cease and desist order against a notorious crypto scam artist allegedly peddling dreams of wealth on Craigslist. This ain’t the Lone Star state letting ’em slide—it’s the Texas State Securities Board (SSB), and they’re serious about stopping fraud in its tracks.
Promises of Sky-High Returns
Forex and Bitcoin Trader, based in New York, was making audacious claims about investment returns reportedly soaring to a mind-boggling 900% in just 14 days. In the realm of investment, that’s about as probable as finding a unicorn in a grocery store. The SSB laid out that for a mere $2,000 investment, hopefuls could reel in a staggering $20,000. The math here sounds like it was done during a poker night rather than on a financial spreadsheet.
False Credentials and Misleading Information
The order from the SSB also points out that Forex and Bitcoin Trader falsely claimed to be licensed. They boasted about being authorized to engage in trading securities, foreign currencies, and derivatives, which, spoiler alert, they are not. They weren’t even on the radar of the Securities Commissioner as a legitimate dealer or agent. Talk about a case of identity theft!
The Texas Crackdown on Crypto-Fraud
This isn’t just an isolated incident; it’s part of a larger sweep. The Texas State Securities Board has already executed multiple administrative orders against dubious parties in the crypto space. Since their reinforcement campaign kicked off in June, they have reportedly issued 24 administrative orders affecting 62 entities and individuals. It’s like the SSB is playing a relentless game of whack-a-mole with scammers!
A Lesson for Investors
As the shadows of crypto fraud loom large, it’s crucial for investors to arm themselves with knowledge and a healthy dose of skepticism. If an investment opportunity appears too good to be true, it probably is. Remember, unlike a fine steak, if you’re seeing a 900% return, it is not likely well done.
Final Thought
So, keep your wallets close and maybe set a few alarm bells ringing the next time you see those extravagant investment promises—it might just save you from being the next headline on the local news!
