The Texas Authorities Issued a Cease and Desist Order Against Scam Crypto Company
Based on a recent announcement, the Texas State Securities Board has issued a cease and desist order against a fraudulent crypto mining investment program called EXY Crypto.
The Texas State Securities Board
Based on the report, the authority gave this order after finding out that EXY Crypto has been operating without any form of licencing. The scam company is also being accused of promising unrealistic profit to unsuspecting victims. The agency also made it known that the company was providing misleading information about the financial industry. The company is also claiming to be regulated by the authority. The report made it known that the company attracts its victims using smart social media marketing tactics. LinkedIn has been identified as the principal social media platform used by the company.
The official website of the company has some people listed as its correspondents. The names listed in the agency’s report are Morgan Nolan, Rafael Logan, and Melissa Spring. Each of them has a specific role in the scam organization.
In the report, the agency made it known that the correspondents of the company are been accused of promising a minimum 10% in weekly returns and posting misleading advertisements for promoting cryptocurrency mining investments.
The company is also been accused of claiming to be regulated whereas it has not been regulated in the United at least.
EXY Crypto is Faking it
A recent report also made it known that the correspondents of the company are fond of using the Texas State Securities Board, Director of Enforcement, Joe Rotunda’s name to convince their victims of their legitimacy. In order to prevent confusion, the agency has made it clear that its Director of Enforcement has nothing to do with the company.
The report also made it known that the correspondents of the company are still at large and efforts are being made towards identifying them and bringing them to books.