The finance department of the U.S. state of Idaho announced on Wednesday “a series of fraudulent cryptocurrency schemes seen recently targeting Idaho investors.”
These fraudulent schemes are operating under the names and websites of Crypto FX Direct, Shield Investors Ltd., Quartz FX Trade, and Finvest Trading.
The regulator added: These websites make outrageous, demonstrably false statements and claims such as guaranteed returns on investment as high as 65% – 80% every 24 hours.
To begin investing with these companies, Idaho investors were asked to pay the investment advisor with cryptocurrency for a trading plan offered on the site. Then an investment advisor would contact the investor and notify them they made a substantial return on their investment.
In order to receive their investment returns, they had to pay for a fee. When the investor provided the trading fee, they were advised additional fees or penalties would be assessed which must be paid before they could receive their payment.
One of the companies, Finvest Trading, charges between $500 and $100,000 to begin trading. “They offer profitable investments with any plan, and purport the more invested, the greater the return,” the regulator detailed, adding that the companies’ investment advisors provide investors with “phony credentials.”
The Department of Finance reminds that persons and firms offering investments are required to be registered in Idaho. None of these entities are registered to sell securities in Idaho nor have they filed with the Idaho Secretary of State to conduct business in the Idaho.
The Idaho Department of Finance encourages investors to come forward, if any of the investment plans seems fishy and contact at the securities@finance.idaho.gov.
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