A securities regulator in the United States, the Texas State Securities Board (TSSB), has detected another batch of alleged cryptocurrency scams. On Sept. 3, 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. The published order names Kumar Babu Bondesi and Darwin Eric Balusek as the alleged operators of the schemes. According to the TSSB, Balusek is also known under the nickname “Bitcoin Pope.” Operating abroad, the respondents are accused of fraudulent securities offerings tied to foreign exchange (forex) and cryptocurrencies, the authority …
The United States Commodity Futures Trading Commission (CFTC) launched action against a reportedly fraudulent $147 million bitcoin (BTC) scheme, the regulator announced on June 18. On June 17, the CFTC filed a complaint with the New York Southern District Court against now-defunct United Kingdom-based entity Control-Finance Ltd, which defrauded more than 1,000 investors to launder at least 22,858 bitcoin. The CFTC also brings actions against the entity’s head, Benjamin Reynolds, stating that Control-Finance and Reynolds “exploited public enthusiasm for Bitcoin” from May 1, 2017, to October 31, 2017. The action seeks civil monetary penalties, including “permanent trading and registration bans, …
The United Kingdom Financial Conduct Authority (FCA) has reported that common investment scams’ losses — including those crypto-related — amounted in total to over £197 million ($255 million) in 2018. The agency reported the losses in an official press release published on Feb. 6. According to data from the FCA call center, the most common reported scams involved unauthorized investments in shares and bonds, forex markets and cryptocurrencies. Each victim lost an average of £29,000 ($37,000), with such types of fraudulent investments accounting for a total of 4,996 reported cases and constituting 85 percent of the overall number of scam …
The French stock market watchdog, the Financial Markets Regulator (AMF), has blacklisted four crypto-related websites for unauthorized investment offerings, according to an official statement published Friday, Dec. 14. The AMF announcement notes nine companies that are allegedly operating without necessary regulatory approval, including four crypto-related firms. In the announcement, the stock market regulator warns investors about the increasing number of unregistered investment projects, claiming that “new unauthorized actors appear regularly.” The recent blacklist includes such crypto-related websites as iminage.com, elos-patrimoine.com, infoconso.info, and live-crypto.com.net. Elos-patrimoine claims to offer “risk-free” crypto investments, promising “professional support” powered by a “long experience in all …
The U.S. Commodity Futures Trading Commission (CFTC) has filed a suit against two defendants for the allegedly fraudulent solicitation of Bitcoin (BTC), according to an official press release published on Friday, September 28. The CFTC’s complaint — filed in the U.S. District Court for the Northern District of Texas — charges the two defendants with running two fraudulent businesses and misleading the public to invest in leveraged or margined foreign currency contracts, such as forex, binary options, and diamonds. The first defendant, who goes by the name Morgan Hunt, is reportedly from Arlington, Texas, and owns the company Diamonds Trading …