Securities Board Warns About Online Investment Planning

By April 30, 2021 Resources

The Texas State Securities Board is warning investors about using unregistered online platforms to purchase investment plans.

According to the organization’s press release, these plans are often advertised through social media and other websites and solicit deposits from investors.  The press release stated: “The promoters generally tell potential clients that, upon receipt of principal, the firms will use the money to trade any number of different products – from stocks to forex, and from contracts for difference to cryptocurrencies. In any event, these promoters tend to have one thing in common: they fraudulently claim investors can reap risk-free guaranteed profits – as high as ten or twenty percent or more over a term often measured not in years or months but days and hours.”

The Texas State Securities Board continues to bring enforcement actions against promoters of fraudulent investment plans. Securities Commissioner Travis J. Iles “entered an emergency order to stop DailyForex247 from continuing to advertise silver, gold and premium plans that fraudulently promised to pay up to $8,000 over five days. He entered a similar emergency action against Digitaly [sic] Invest and FxSmart-Robots, another against Delta Crypt Limited, and other enforcement cases – including a case that named James Blundell and nearly a dozen other parties offering various investment plans that could purportedly turn $1,000 into $15,000 after five days of trading. Blundell was promoting the investment plans through a broad social media presence, and he was even adding false legitimacy to the scheme by using a forged Texas driver license and a phony trading certificate.”

“Earlier this week, Commissioner Iles brought another emergency cease and desist order against promoters of fraudulent investment plans. This order named Affort Projects, the operator of numerous online platforms including AlgorAndTrade24, AuxiliaryFX Ltd., CryptoDailyTradePlus, CryptoStreamTrade, Exerlo, FXTradePlus24, FXVirwoxFair, Nexetral, PrimeCoinOption, SplitFxTrade, TradeFlow 24, TradeOptionMarket, ViaForexTrade, XpressTrade24 and XpressTrade247,” according to the press release.

Fishman Haygood’s Investment Fraud Division monitors activity by the SEC, FINRA, state securities commissions, and other regulatory agencies activity to keep abreast of how these entities are looking out for investors.

If you believe you have suffered losses due to the advice and/or actions of your broker or investment advisor, please contact us to discuss your possible claim.