Texan Regulators Crack Down Alleged Crypto Scams

The Texas State Securities Board has brought down fake investment platforms which include crypto firms, forex, and binary options investment. The firms were operating within Texas under pretense.

A desist order was issued against James Blundell which reveals that he operated ten fake crypto platforms in Seabrook, Texas. Texas State Securities Board placed the charges against Blundell of scamming unsuspecting victims via social media platforms. He attracted the victims through pseudo-Facebook, Instagram, and LinkedIn account.

As per accusations, Blundell offered his victims purchase investments in a plan for $10,000 to $1,000,000 and receive a profit of 80 percent per hour for 24 hours. Other plans were price between $500 and $9,999, and investors get between 42 percent and 60 percent returns every hour.

He was further accused by Texas State Securities Board of using images of his binary options trading license issued by Texas City and a local driver’s license, all of which are fake.

The Texas State Securities Board's second charges were against Binary Trade Forex, FX Trades, and IQTrade operated at Valentine, Texas. The three accused firms stated that they are e-gaming firms and deceive victims claiming to be regulated by the Isle of Man Gambling Supervision Company.

These firms offered investment plans ranging from $500 to $10,000, and investors get around 30 percent to 120 percent return daily. However, these three firms are regulated by the Texas State Securities Board. Although the board has not given a license to sell securities in Texas.