Hey Ninjas, The Crypto world is red. We know. Alts are bleeding. It's no more a breaking news. The crypto communities are angry. Most noobs have left the depression stage to the anger stage. People are throwing tantrums everywhere. Lol. But hey Ninjas, Do not fidget, keep on HODLing on to BTC. Keep on believing. Just Do It.
According to a statement released by the U.S. Financial Industry Regulatory Authority (FINRA) on its website. It was understood FINRA, overseen by the U.S. Securities and Exchange Commission (SEC) filed a complaint against Timothy Tilton Ayre, charging him with offences such as security fraud and the illegal distribution of an unregistered cryptocurrency to the public.
In the complaint, FINRA states that Timothy Tilton Ayre tried to lure investment to his public company, Rocky Mountain Ayre, Inc. (RMTN), by selling the Cryptocurrency HempCoin, which he misrepresented as “the first minable coin backed by marketable securities.” The regulator writes that Ayre’s claims are “fraudulent, positive statements about RMTN’s business and finances.”
Additionally, Ayre narrated that HempCoin is security backed by RMTN common stock, and also informing investors that each coin was equal to 0.10 shares. As a result of this, it as gathered that more than 81 million HempCoin securities were mined in the late 2017 and sold on crypto exchanges. As Ayre never endeavoured to register the coin, FINRA has decided to charge the RMTN head with the unlawful distribution of an unregistered security to the public.
Furthermore. It was understood that from January 2013 through October 2016, Timothy Tilton Ayre purportedly made false statements which FINRA frowns at - about the nature of RTMN’s business and the creation and “unlawful distribution” of HempCoin, as well as making misleading claims in RMTN’s financial statements.
The private corporation that acts as a self-regulatory organization, FINRA, has started a formal proceeding against RMTN by filing a complaint and also reminds the public in the statement that anyone named in a complaint can file a response and request a hearing. If FINRA admits there were violations, the firm or individual might get a fine, censure, suspension, or be barred from the securities industry.
BRB Ninjas