Texas Regulator Blocks Crypto Debit Card Investment Scheme

Law360 (August 17, 2020, 8:50 PM EDT) -- The Texas State Securities Board has entered a cease-and-desist order against a handful of South African companies for soliciting residents of Austin to invest in a fraudulent cryptocurrency debit card scheme that promises investors guaranteed gains over time.

In a Friday order, the board outlined that Liquidity Gold Trust, Liquidity Gold Solution LLC and Liquidity Global Card Solution LDT, all companies backed by Lance Angus Jerrard, have been running ads on an Austin radio station and social media websites in an attempt to recruit investors for a marketing initiative to attract up to 8 million users for a "Liquidity Card." The...

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