The Texas State Securities Board (TSSB) stands as the financial regulator of the US state of Texas, and has been keeping its promise of cracking down against the online trading fraud space. The TSSB has ordered 15 binary options, forex, and cryptocurrency brands to immediately cease their operations. The Texas watchdogs claim that these investment fraud schemes were operating the age-old “Double Your Money” scams.
James Blundell And The Ten Platforms
James Blundell, a resident of Seabrook, has been accused by the Board of being the brains behind 10 fraudulent internet investment platforms.
These platforms, through the use of social media accounts, lured victims into making unsuitable investments. In particular, there was a minimum of seven Facebook websites, three Instagram accounts, and at least one Linkedin.
The ten brands linked to Blundell within the first order are as follows: Reliable Miners, Proactive Expert Trading, Sure Trade Earnings, BitcoinFX Options, Proactive ExpertTrade, CryptoTraderFXWay, MaxFX Internal Trade, ReliableFX Internal Trade, ExpertTrades247, and AntPoolTop Mining. It seems what the man makes up for in quantity; he lacks in name creativity.
The Typical Promises
As one would expect from such a scam, investors were convinced by the defendants to open accounts on these respective platforms by way of many false claims. The claims followed the typical promises of cases such as this: Quick and lucrative returns in mere hours, as well as significant profit overall.
TSSB’s documents show that Blundell had been caught out as he was brazenly claiming his false experience in not only binary options, but also FX and crypto markets as well. Claiming to be an expert in three fields, this fraud artist made use of a widespread media presence in order to publish bogus documents that promote his scam.
The man went as far as to publish a fake trading certificate, falsely claiming he has a binary options trading license issued out by Texas regulators.
False Claims Of E-Gaming Regulations
Three other online platforms were named in a second emergency action. According to the regulator, these platforms solicited investments for fraudulent crypto and forex trading schemes.
These brands were named FX Trades, Binary Trade Forex, and IQTrade, showing once more the boundless creativity of these fraudsters. These brands had been falsely claiming to be authorized by the Texan watch dogs promoting 100% money-back guarantees and cashflow that’s simply too good to be true.
This non-appealable cease-and-desist order elaborates that these three platforms had a better idea: Instead of falsely claiming to be regulated by a securities agency, they would instead claim they were regulated by an e-gaming agency. Truly, it’s incredible that they were eventually caught with that level of intellect.