Cryptocurrency firm slapped with cease-and-desist after impersonating registered financial adviser
Missouri-based Cryptocurrency company Mavixbtc Limited has been handed a cease-and-desist order for allegedly misleading investors.
The company, based in St.Louis, misled the public through its website, which falsely claimed to be registered with the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. Maxixbtc promised investors returns of up to 55 percent in as little as six days.
If this wasn’t enough, the company also used the registration number of a legitimately registered investment adviser who had nothing to do with and no knowledge of Mavixbtc.
According to its website, Mavixbtc was founded in 2008 by “Mavis Ann Lehr, a subsidiary of Benjamin F. Edwards & Company, Inc. a broker-dealer with over 2,136 financial professionals registered nationwide.”
Securities Commissioner David M. Minnick said: “The novelty and promise of quick profits by investing in cryptocurrencies can be enticing to investors.”
“But there are significant, real risks associated with these non-traditional investments, and scam artists are hard at work trying to defraud investors. Always check with our office before you invest,” he added.