Officials from the Texas State Securities Board made a move against a misleading crypto ad on Craigslist. They filed a cease and desist order against the promoter to take the ad down.
This was the fourth time that the division has had to deal with a situation like this since the beginning of its latest operation last month.
The fake ad promised an unbelievable return on investment of 900% in only two weeks. By investing at least $2,000 USD in cryptos and other highly profitable investments, the victim would be able to get $20,000 USD in two weeks. It was obviously a lie.
According to the police, the company claimed to have a broker-dealer license, however, this was also not true. The company was not registered in the state and did not offer insurance policy as they stated in the Craigslist ad. In fact, authorities could find no records filed with the states securities commission.
Texas Against Scammers
This is not the first operation made by the enforcement division of the Texas State Securities Board. The first operation of its kind was started back in 2017 and several small operations were made since then.
So far, the agency was responsible for filing 24 administrative orders against 62 companies, including some which were based outside of the U. S.