Jefferson City, MO (STL.News) – Missouri Secretary of State Jay Ashcroft’s Securities Division ordered unregistered firm Mavixbtc Limited to cease and desist after they allegedly misled investors.
From at least Sept. 23, 2019, Mavixbtc, a St. Louis-based cryptocurrency company, has been allegedly misleading the investing public through its website. Mavixbtc falsely claims to be registered with the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. The company also fraudulently uses the registration number of a registered investment adviser representative who has no knowledge of Mavixbtc.
Mavixbtc offers brokerage and investment advisory services when it is not registered to offer such services. In trying to sell investments in cryptocurrency, Mavixbtc uses its website to tout potential investment returns of up to 55% in as little as six days.
“The novelty and promise of quick profits by investing in cryptocurrencies can be enticing to investors,” Securities Commissioner David M. Minnick said. “But there are significant, real risks associated with these non-traditional investments, and scam artists are hard at work trying to defraud investors. Always check with our office before you invest.”
The division ordered Mavixbtc to show cause why restitution, civil penalties and investigation costs of more than $30,000 should not be imposed.