Securities Fraud Cease and Desist Related to Bitqyck (My Crypto Mine) Issued in Texas
A new securities fraud cease and desist has been issued in Texas and it is closely related to Bitqyck. The Bitqyck company was launched back in 2017 by Bruce Bise and Samuel Mendez. After the launch, Mark Steven Royer joined the team.
According to Behind MLM, the Texas Securities Board referred to Bise as a ‘white collar criminal.’ As in most of the MLM companies, Bitqyck launched a virtual currency known as Bitqy. According to the report, Mendez, Bise and Royer encouraged investors to place their funds in Bitqyck if they lost the possibility to invest in Bitcoin. According to the co-founders, the virtual currency was going to create a new digital economy.
It was possible to identify Bitqyck as an MLM crypto pump and dump model that would certainly benefit creators and make investors poorer. However, due to some issues with U.S. securities laws, Bitqyck was abandoned in June 2018.
However, Bise and Mendez launched a new project called ‘My Crypto Mine.’ In this project, Royer presents himself as an expert that was ‘involved in cryptocurrency for the past 10 years.’
Users at My Crypto Mine are asked to invest $10,000 or more in order to receive 20% returns every four weeks. Nevertheless, My Crypto Mine does not comply with the required regulatory registration. At the same time, they did not disclose all the information necessary to users.
On November 27, a Securities Fraud Cease and Desist was issued by the Texas Securities Board ordering the company to stop violating securities laws in Texas. Royer now has 31 days if he wants to prove that he is currently not running a Ponzi scheme.