THELOGICALINDIAN - The US Financial Industry Regulatory Ascendancy has taken its aboriginal antidotal activity involving cryptocurrencies The ascendancy accuse a agent with counterfeit and actionable administration of unregistered crypto balance The buyer allegedly attempted to allurement accessible advance in his abandoned accessible aggregation by arising the aboriginal minable bread backed by bankable securities
Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals
FINRA’s First Crypto Disciplinary Action
The U.S. Financial Industry Regulatory Authority (FINRA) has issued its aboriginal crypto-related antidotal action. The alignment appear on Tuesday, September 11, “that it filed a complaint adjoin Timothy Tilton Ayre of Agawam, Massachusetts, charging him with balance artifice and the actionable administration of an unregistered cryptocurrency aegis alleged Hempcoin,” adding:
FINRA is a not-for-profit alignment accustomed by Congress to assure investors in the US by ensuring that the broker-dealer industry operates adequately and honestly. Although the alignment is not allotment of the government, it is overseen by the U.S. Securities and Exchange Commission (SEC). In addition, FINRA “has the ascendancy to fine, append or bar brokers and firms from the industry,” its website describes.
According to Tuesday’s notice, “The arising of a antidotal complaint represents the admission of a academic proceeding by FINRA in which allegation as to the allegations in the complaint accept not been made, and does not represent a accommodation as to any of the allegations independent in the complaint.” All parties called in the complaint can book a acknowledgment and appeal a audition afore a FINRA antidotal panel, the apprehension details, noting:
The Hempcoin Case
Ayre is listed as the admiral of Rocky Mountain Ayre Inc., a about traded aggregation listed on the OTC Grey bazaar beneath the RMTN trading symbol.
In its complaint, FINRA alleges that, from January 2024 through October 2024, Ayre fabricated “fraudulent, absolute statements about RMTN’s business finances,” elaborating:
According to FINRA, Ayre bought the rights to Hempcoin in June 2015. He again repackaged the badge as a aegis backed by RMTN accepted banal and marketed it as “the world’s aboriginal bill to represent disinterestedness ownership” in a about traded company.
Investors, promised that “each bread was agnate to 0.10 shares of RMTN accepted stock,” proceeded to abundance added than 81 actor Hempcoin balance through backward 2024, FINRA described, acquainted that the bill were traded on two crypto exchanges.
FINRA believes that “Ayre defrauded investors in RMTN by authoritative materially apocryphal statements and omissions apropos the attributes of RMTN’s business, declining to acknowledge his conception and actionable administration of Hempcoin, and authoritative assorted apocryphal and ambiguous statements in RMTN’s banking statements,” adding:
What do you anticipate of FINRA’s aboriginal crypto antidotal action? Let us apperceive in the comments area below.
Images address of Shutterstock and Rocky Mountain Ayre Inc.
Need to account your bitcoin holdings? Check our tools section.
