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Crypto firm ordered to cease and desist for misleading investors

Celia Wan

Missouri-based cryptocurrency firm Mavixbtc has been issued a cease-and-desist order for falsely claiming to be a registered financial advisor. 

In an announcement dated Dec. 27, Missouri Secretary of State Jay Ashcroft's Securities Division charged Mavixbtc for fraudulently claiming to have registered with the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. The firm also used the registration number of a registered financial advisor, who had no knowledge of Mavixbtc, stated the announcement. 

A brokerage and financial advisory services provider, Mavixbtc promised investors returns of up to 55% within as little as six days. At press time, the company's website cannot be reached as the domain host has removed the site in compliance with the cease and desist order. 

Mavixbtc was also ordered to pay civil penalties and investigation costs of more than $31,000. 

“Scam artists commonly use professional looking websites to promise immense investment returns, but don’t be fooled,” Missouri Secretary of State's Securities Commissioner David M. Minnick said. “If something sounds too good to be true, it probably is. If you have any doubts, contact our office before you invest. We can tell you if an agent or firm is registered to offer securities.”