FINRA Makes Its First Fraud Charges Against ICOs, Targets HempCoin
Posted: Mon Sep 10, 2018 5:27 pm
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)