The Texas State Security Board (TSSB) has issued an emergency cease-and-desist order to a cryptocurrency investment scheme that they say attempted to dupe investors with fake endorsements from high-profile individuals.
Along with other issues, the Houston, Texas-based Wind Wide Coin is also accused of having made fake client profiles, using images of several public figures. These include Hollywood star Jennifer Aniston, British Royalty Prince Charles and former Finland prime minister Matti Vanhanen as a way to gain attention for its products.
It appears that the crypto investment group gave alternate names to their purported clients, having labeled Jennifer Aniston as “Kate Jennifer” and Prince Charles as “Mark Robert.”
The cease-and-desist order accused the firm and three other individuals named in the order of claiming to be licensed when they were not; of selling unregistered securities and of trying to mislead investors with false claims and withholding information.
Other claims from the company, as provided by the TSSB as evidence, include claims that income from the scheme is “100 percent sure” and that the company claimed that “there is no risk”.
TSSB director of enforcement Joseph Rotunda called Wind Wide Coin “illegally, deceptively and fraudulently offering investments”, and the TSSB order concludes that the firm must immediately cease and desist from the sale of unregistered securities and conduct fraud in Texas.
This marks another action taken by the States securities regulatory board, as it intensifies moves to protect investors from fraud, with action taken earlier this month against two other firms for allegedly selling unregistered securities.