Jefferson City, MO (STL.News) Missouri Secretary of State Jay Ashcroft’s Securities Division issued a final order to cease and desist against unregistered firm Mavixbtc Limited after they misled investors.
From at least Sept. 23, 2019, Mavixbtc, a St. Louis-based cryptocurrency company, misled the investing public through its website. Mavixbtc falsely claimed to be registered with the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. The company also fraudulently used the registration number of a registered investment adviser representative who had no knowledge of Mavixbtc.
Mavixbtc offered brokerage and investment advisory services when it was not registered to offer such services. In trying to sell investments in cryptocurrency, Mavixbtc touted potential investment returns of up to 55% in as little as six days. At the request of the division, the domain host for the company’s website complied with the cease and desist order and removed the fraudulent website.
“Scam artists commonly use professional looking websites to promise immense investment returns, but don’t be fooled,” 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.”
The division ordered Mavixbtc to pay civil penalties and investigation costs of more than $31,000.