FINRA Makes Its First Fraud Charges Against ICOs, Targets HempCoin
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FINRA Makes Its First Fraud Charges Against ICOs, Targets HempCoin
For the first time, the Financial Industry Regulatory Authority (FINRA) has issued fraud charges in connection with the practice of initial coin offerings, or ICOs. The Wall Street’s industry-funded watchdog has accused Timothy Tilton Ayre, a Massachusetts resident, of defrauding investors through selling a cryptocurrency, known as “HempCoin,” which he misrepresented as backed by investments in a public company.
The FINRA’s statement describes how Ayre sold the digital tokens as part of a purported plan to lure victims to invest in his ‘worthless’ company, Rocky Mountain Ayre, Inc. (RMTN), which was trading over the counter on the ... (read more)
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