It was in May that The Texas State Security Board (TSSB) gave a cease-and-desist order to a company dealing with Bitcoin investments. It was the sort of company that dealt with the issuance of false statements which according to reports misled investors. It was also disclosed that for over quite some time it had been offering unregistered securities.
The issuance of a notice and the nature of claims made
It was just recently that the Forex EA & Bitcoin Investment LLC received a notice and sources indicate it was represented by Richard Dunn and James Butcher. Several market observers have come out in open criticism to the materially misleading and deceptive practices.
In several instances the Forex EA & Bitcoin has made claims that it is fundamentally a liability company adding that it has a place of business in New York. A person well conversant with the matter but who wanted his identity kept anonymous has given his views in relation to the claims forwarded. According to him, the assertions by the business gurus were all false or misleading to the general public and there was need to alert everyone.
The word that has been moving around and still the one contained in the order is that Forex EA & Bitcoin Investment LLC was a promoter of a wide array of Bitcoin investment programs that guaranteed about “100% profits in 21 days” and that there wasn’t any associated risk.
On top of that, the regulator has made more claims holding on to the point that the company did not provide important information regarding the risks of the Bitcoin investment as well as its background.
A critical outlook at matters and future plans
The various respondents involved are said to be representing investments in Bitcoin and it is worth noting that the Forex trading program is expected to unleash major profits. However, these respondents declined to disclose all the associated risks. That was seen as a clever way to deceive the large number of investors because it was common knowledge that the Bitcoin and the Forex program pulled along with several risks.
The Colorado Department of Regulatory Agencies (DORA) in its latest statement disclosed that it was going to launch investigations on two business gurus that were promoting unlawful Initial Coin Offerings (ICOs) to the residents of Colorado.