Texas Securities Commissioner issues C&D Order against My Crypto Mine
The Securities Commissioner of the State of Texas has issued an Emergency Cease & Desist Order against My Crypto Mine and its principal Mark Steven Royer.
The Securities Commissioner of the State of Texas has issued an Emergency Cease & Desist Order against My Crypto Mine and Mark Steven Royer.
The Securities Commissioner finds that Royer, acting on behalf of a white-collar criminal and disbarred attorney, offered tokens that are now nearly worthless. BitQyck issued a cryptocurrency known as bitqy. BitQyck was controlled by white-collar criminal Bruce Bise and disbarred attorney Samuel Mendez. In May 2017, Royer joined Bise and Mendez in offering bitqy. He was encouraging potential investors who “missed out” on Bitcoin to invest in BitQyck.
At the time Royer was offering bitqy was priced at $0.02 per token. He suggested that its price would rise to $3.00 per token. Instead, bitqy lost 99% of its value and investors lost almost the entirety of their principal investment.
Royer is now managing a new cryptocurrency investment firm – My Crypto Mine. He is not disclosing his previous affiliation with BitQyck, Bise and Mendez. Instead, My Crypto Mine solicits investors, including Texas residents, to invest in the firm, promising lucrative returns.
The C&D Order states that My Crypto Mine is issuing investments that have not been registered and that the respondents have not been registered with the Securities Commissioner as dealers or agents. The respondents have failed to disclose a raft of material facts, including ones concerning the business repute, as well as details about the purported crypto mining operations of My Crypto Mine. For instance, there is no information on the type of hardware used to mine cryptocurrencies.
The respondents have also failed to disclose any risks associated with cryptocurrencies, including that Governments may implement regulations that could negatively impact cryptocurrency prices.
The Securities Commissioner notes that the investments issued by My Crypto Mine are securities under Texan laws and that by offering unregistered securities the respondents are breaking the law. The respondents have been found to be engaging in fraud and to be deceiving the public.
The respondents are ordered to cease and desist from the offering of sale of any securities in Texas and to cease and desist from acting as dealers or agents.
Earlier this month, Texan authorities issued a C&D Order targeting EXY Crypto, aka EXECRYPTO, Morgan Nolan, Rafael Logan and Melissa Spring. The authorities have concluded that the respondents are engaging in fraud in connection with the offer for sale of securities, making statements that deceive the public, and causing irreparable harm.
