Texas Is Rife With Cryptocurrency Fraud, State Regulators Say

Digital coins might live up to their hype someday of being integral to commerce of the future, but in the interim the term "cryptocurrency" already has a more dubious distinction -- it's become the most common buzzword used in investment scams statewide.Crypto-related potential swindles have surpassed schemes involving oil and gas assets, real estate and stocks in recent months as the most popular means by which fraudsters are attempting to separate Texas investors from their money, according to Joe Rotunda, director of enforcement at the Texas State Securities Board."It is everywhere," Rotunda said of the scams tied to various digital currencies. Unscrupulous promoters "are trying to get as much money as they can as quickly as they can" while the sector remains hot.Rotunda's agency isn't attempting to regulate the actual cryptocurrencies. Rather, it has been aiming to crack down on various fraudulent "investment programs" and other schemes touted as either providing exposure to digital coins or based upon them.  Continue reading...