Crypto Co. Touted 'Recession Special,' Texas Regulator Says

Law360 (April 8, 2020, 7:24 PM EDT) -- Texas' securities regulator announced Wednesday it took emergency action against a purported cryptocurrency miner, accusing the company of promising investors unrealistically high returns and attempting to profiteer off the global pandemic.

In the Texas State Securities Board's April 8 cease-and-desist order against Ultra BTC Mining LLC and its agent Laura Branch, the regulator alleges that Branch and the company touted an unverifiable $100,000 COVID-19 relief donation it claimed to have made to the humanitarian organization UNICEF.

In a statement Wednesday, the regulator also said that the company "is also running what amounts to a recession special," explaining that Ultra Mining was...

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