Texas Crypto Issuers On The Hook For $10.1M In SEC Deal

By Stewart Bishop (August 29, 2019, 6:12 PM EDT) -- Dallas-based cryptocurrency dealer Bitqyck Inc. and its founders agreed on Thursday to pay over $10.1 million in a settlement with the U.S. Securities and Exchange Commission over claims they defrauded investors in the company's digital tokens and ran an unregistered virtual currency exchange.

The SEC says Bitqyck and its owners, Bruce Bise and Sam Mendez­, sold $13 million of digital tokens Bitqy and BitqyM in unregistered securities offerings to thousands of investors in the U.S. and abroad, who collectively lost over two-thirds of their investments.

According to the agency's complaint, investors were falsely told a purchaser of a Bitqy token would...

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