Texas Securities Commissioner Travis J.Iles entered an “Emergency Cease and Desist Order” against two alleged crypto scam schemes known as Forex Birds and Pek Universe. According to the official note by the Securities Board, Kumar Babu Bondesi and Darwin Eric Balusek are the alleged operators of the scam schemes. Furthermore, the board added that Balusek also goes by the nickname “Bitcoin Pope.”
The two respondents are accused of fraudulently enticing investors with Forex and cryptocurrencies. Forex Birds which promises an 11% return on investment up to a million is being accused of deceiving investors of its legitimacy.
Furthermore, Pek Universe which claims to be the parent company of Forex Birds was promising daily profits of 1.9% for 30 days. In addition, Pek Universe is accused of using fake photographs to present its board of directors. Accused of claiming that Eric Newman is the chairman of the board, the board added in the filing:
“Respondent Pek Universe is not telling investors that the photograph that purports to portray Eric Greg Newman is an image of an individual depicted on a different website that associates a different name with the image.”
As a penalty, Bondesi and Balusek are facing a $10,000 fine or two to ten years in prison or both. Also, before the end of this month, the respondents must request a hearing with the regulator.
Image Credits: Pixabay