Texas State Securities Board

CORPUS CHRISTI - The Securities Commissioner recently entered an order fining a Corpus Christi-based agent $25,000 for selling an unapproved cryptocurrency to his brokerage clients. From in or about July 2017 through 2022, Jaime Rios, a registered agent of Money Concepts Capital Corp., engaged in outside business activities and private securities transactions that were not disclosed to or approved by his employing firm. Specifically, Rios sold Timicoin—a cryptocurrency created and issued by Timi Group to his brokerage clients. Rios was also sanctioned for not updating his Form U-4 as required by the Rules and Regulations of the Texas State Securities Board to disclose the outside business activity.