Travis J. Iles, the Securities Commissioner of Texas State Securities Board, issued a Cease and Desist Order (CDO) to My Crypto Mine and its director Steven Royer yesterday. CDO claims that My Crypto Mine was offering unregistered crypto-based securities ‘no-risk’ investments with high returns based on the initial buy-ins. The company was promoting their product as a safe investment for college funds, retirement savings, and paying debts.
My Crypto Mine is supposed to be involved in crypto mining which requires facilities, power consumption, and hardware, however, investigations didn’t produce any evidence to support such activity.
The company fails to disclose any item investigators are looking for, registration being the first on the list. Respondents are not registered with the Securities Commission as well as they fail to prove any verification that their employees have registrations.
The regulator in Texas came to the conclusion that My Crypto Mine and Steven Royer are intentionally deceiving investors by hiding details of their operation and related risks.
Earlier Shady Activities of Boyer
CDO also mentions that earlier in May 2017 Boyer was in a partnership with Bruce Bise and Samuel Mendez in order to offer Bitqyck and Bitqy tokens to the public.
Bruce Bise was found guilty for Class 2 and 4 Felonies back in 1997, mainly because he was dealing with fraud activities.
Samuel Mendez, on the other hand, was disbarred in 1995 due to dishonest activities as well as misappropriating his client’s settlement funds.
Bitqy was offered to the public from $0.02 with a promise to investors that it would grow to $3 and create a new digital economy. Bitqy lost 99% of its value and all its investors lost their funds.
Royer does not disclose his cooperation with Mendez and Bise, nor his part in Bitqyck epic fraud.
At the moment My Crypto Mine and Royer have 31 days to appeal in written form to Securities Commissioner, otherwise, the order will be final without an appeal chance.
Earlier in November the regulator has issued another emergency cease and desist order to cloud mining company AWS Mining PTY LTD for selling unregistered securities. The Australia-based company offers cloud mining services for digital coins to investors of any means and is considered to be fraudulent due to its doubtful investment schemes and promises.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.