Enforcement Actions Against 15 Online Investment Scammers
Press Release
Securities Commissioner Travis J. Iles announced a series of enforcement actions against fifteen fraudulent online investment scammers.
The first emergency cease and desist order names ten internet investment platforms and links one individual - James Blundell - to the scheme to broadly promote fraudulent investments. Blundell, purportedly a resident of Seabrook, Texas, is accused of using numerous social media accounts – including at least three Instagram accounts, seven Facebook websites and one Linkedin profile – to recruit victims. . . more
The second emergency action names three online platforms - Binary Trade Forex, FX Trades and IQTrade – and accuses them of falsely purporting to operate from Valentine, Texas. These three online platforms are allegedly recruiting investors by illegally promoting investments in forex, binary options and cryptocurrency pay lucrative rates of return. The order alleges they are fraudulently claiming these investments are guaranteed and using fake testimonials add credibility to their schemes. . . more
The third order names GenuisPlanFxPro, a cryptocurrency, binary option and forex investment platform falsely claiming it operates from Austin, Texas – just several miles from the agency’s offices. It alleges GenuisPlanFxPro is also falsely claiming its investment is regulated as e-gaming and licensed and regulated by the Isle of Man Gambling Supervision Commission. Moreover, GenuisPlanFXPro is also attempting to add additional legitimacy to its scheme by falsely claiming to be regulated by the Financial Conduct Authority and the Cyprus Securities and Exchange Commission. . . more