The Texas State Securities Board (“TSSB”) recently issued an emergency cease and desist order against Treasure Growth LLC, aka Treasure Growth Investments, from fraudulently offering cryptocurrency cloud-mining investments in the state.
According to a TSSB News Release:
“Treasure Growth has been soliciting Texans to invest in various cryptocurrency cloud mining programs through public advertisements and online platforms accessible at www.treasuregrowthinvestment.com and treasuregrowthinvestment.web.app. It is allegedly claiming these cryptocurrency cloud mining investments generate lucrative returns over very short terms—one plan purportedly promises returns of 10% over a term of 30 days and another plan purportedly promises returns of 80% over a term of 120 days.”
“According to the order, Treasure Growth is also offering a bonus to clients investing more than $1 million—it will provide a return of 65% over a term of 25 days and, as an incentive, a 2020 Ford F-150 truck.”
“Although Treasure Growth is accused of offering these cryptocurrency cloud mining investments, the order alleges it is not directing investors to send their principal to Treasure Growth. Instead, Treasure Growth is reportedly telling investors to send their principal to bank accounts held in the name of one of four different businesses—(1) Amz Uno Company Corp., (2) Inportrade LLC, (3) Lot of Magic LLC, and (4) Conair Corporation. Treasure Growth is allegedly concealing material information about these payees, including the identity of their owners and principals, the manner in which the payees will use the principal and, ultimately, the actual reason for sending the principal to these payees instead of Treasure Growth.”
“Nevertheless, Treasure Growth is reportedly characterizing itself as a legitimate business, claiming it is both licensed and certified. The order also accuses Treasure Growth of telling potential investors it is compliant with federal securities laws—these statements are deceptive, according to the order. Treasure Growth is not registered to offer securities in Texas, and Gilbert, Koehler, and Chen are not registered with the Securities Commissioner as agents of Treasure Growth.”
Fishman Haygood’s Investment Fraud Division has experience bringing claims on behalf of investors who were the victims of fraudulent investment schemes.
Please contact us to discuss your possible claim.