The Texas State Securities Board has announced a “sweeping action” against 15 BTC and forex scammers. The securities commissioner Travis J. Iles announced the enforcement actions on the 19th of November.
As stated by the board, the first emergency cease and desist order links ten online investment platforms to James Blundell. According to the Texan regulator, Blundell allegedly resides in Seabrook, Texas. The culprit designed the platforms to promote fraudulent investments. The announcement revealed that Blundell got his victims through about three Instagram accounts and seven Facebook pages. He presents himself as expertise in forex trading and binary options.
Blundell’s fraudulent companies are Proactive Expert Trading, Reliable Miners, BitcoinFX Options, Sure Trade Earnings, CryptoTradeFXWay, Proactive ExpertTrade, ReliableFX Internal Trade, MaxFX Internal Trade, AntPoolTop Mining, and ExpertTrades247.
Furthermore, the second emergency action stated that Binary Trade Forex, FX Trades, and IQTrade are fraudulently promoting investment in forex, cryptocurrencies, and binary options.
In addition, the third order named crypto, binary option, and forex investment platform called GeniusPlanFxPro. The board said GeniusPlanFxPro claimed to be regulated by e-gaming. The illegal platform was also planning to declare regulations by the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission.
Iles commented on the series of illegal actions:
“This series of actions clearly demonstrates the risk of dealing with trendy online investment platforms. Investors can’t afford to take everything at face value when transacting over the internet.”
The commission warned that investors should thoroughly conduct investigations before investing online.
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