Regulators in Texas have once again issued a cease and desist order against a promoter of an allegedly fraudulent cryptocurrency investment scheme. Meanwhile, the indicted party insists that the accusations are false; citing the many beneficiaries of the virtual currency investment vehicle.

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Alleged Fraudulent Cryptocurrency Investment Scheme
The Texas State Securities Board issued a press release announcing the order on Wednesday (November 28, 2018). According to the statement, Travis J. Iles entered an emergency cease and desist order against one Mark Steven Royer for offering a fraudulent cryptocurrency investment scheme.
Details of the order show that Royer allegedly failed to disclose critical information about the scheme being promoted – a cryptocurrency trading and mining program offered by My Crypto Mine. The California-based Royer is also a principal officer of the firm which is reportedly targeting Texas-based investors.
According to the order, Royer assured investors of between 10 to 20 percent ROI on a weekly basis. However, there is no information about company personnel or trading strategies utilized.
Texas regulators also say that Royer failed to disclose his affiliation with a company called BitQyck. Between 1996 and 1997 its two chief officers suffered disbarment and criminal convictions for fraud and siphoning client funds respectively.

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The Accusations are Ludicrous
Responding to the allegations, Royer described them as ludicrous. Speaking to The Dallas Morning News, Royer said:
It’s pretty laughable to be honest. We’re a tiny little investment club. There’s multiple inaccuracies in their document that I’ll let my attorney take care of. They don’t even have our website domain right.
According to Royer, the investment scheme has helped lots of people earn money to pay off college debts and increase their retirement savings. As for his involvement with BitQyck, Royer said he had no relationship with the company.
Royer has about a month to respond to the order before the window of appeal expires. Failure to comply with the order could see him face up to 10 years in prison with a fine of about $10,000.
In another development, the FBI recently arrested Jared Rice Sr., the chief executive of Dallas-based AriseBank, on charges of wire fraud and securities fraud. The FBI says Rice swindled investors numbering over a hundred to the tune of $4 million.
Prosecutors allege that the AriseBank CEO touted false claims of offering Visa-brand debit/credit cards, cryptocurrency services, as well as, being FDIC insured. Rice also allegedly misappropriated investors for his personal use.
In the United States, regulators at both the state and federal level are ramping up efforts to combat fraudulent cryptocurrency businesses. In the last few months, states like Colorado, North Dakota, and Texas have issued cease and desist orders against numerous suspected fraudulent virtual currency investment schemes.
Do you think that Royer is running a fraudulent cryptocurrency investment scheme? Let us know your thoughts in the comments below.

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