Report: Crypto Investments Plagued By 'Widespread Fraud'
Law360 (April 10, 2018, 7:49 PM EDT) -- The Texas State Securities Board found "widespread fraud" during a monthlong investigation into cryptocurrency investments that has so far resulted in seven regulatory actions, with dozens more investigations open, according to a report released Tuesday.
The regulator's four-week sweep found none of the 32 cryptocurrency promoters it investigated was registered to sell securities in Texas. At least six promoters actively recruited sales agents for their cryptocurrency investment programs without first verifying that the sales agents were registered with the TSSB. At least five promoters guaranteed investment returns as high as 40 percent a month, according to the report.
The agency has...
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