FINRA Sent a Complaint about Fraud and Illegal Distribution of Cryptocurrency

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According to a statement published on the official website on September 11, the US Financial Industry Regulatory Authority (FINRA) accused Timothy Tilton Ayre of participating in the illegal distribution of cryptocurrency and securities fraud.

FINRA, controlled by the US Securities and Exchange Commission (SEC), issued a complaint, saying that Ira was trying to attract investors for its company Rocky Mountain Ayre, Inc. (RMTN), spreading HempCoin. Ayre assured that his token is the first coin based on commodity securities. Regulators assert that the statement of Ayre is false and represents untrue data on the work and finances of RMTN.

Also, Ayre claimed that HempCoin is supported by RMTN shares and one coin equals 0.10 shares. As it was possible to establish, as a result of the campaign, Ira sold about 81 million securities, spreading them through crypto-exchange platforms. Taking into account the fact that Ayre did not register his coin and received an official license, FINRA decided to charge him with illegal distribution of the cryptocurrency.

Also, from January 2013 to October 2016, Ayre, according to the data, repeatedly made untrue statements, speaking about the activities of his company and the spread of his own cryptocurrency. Also, he published unreliable reports about the company’s work.

FINRA, having commenced proceedings on RMTN’s activities, published a public statement informing the company’s customers of illegal activities and the possibility of filing a corresponding complaint. Also, FINRA reported that if any violations were found in the activities of the company and its partners, violators would be fined or otherwise punished.

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