For Immediate Release | 10-02-20
Media Contact | Nicole Capone
Direct | 602-542-0713
E-Mail | NCapone@azcc.gov
PHOENIX— The Corporation Commission issued a temporary cease and desist order on October 1, 2020, against Abuchi Okoye of Nigeria and his affiliated company, Coininvest, to stop offering and selling investments in cryptocurrency and other alternative investments.
Among multiple allegations, the Commission’s Securities Division alleges Okoye and Coininvest have stolen the identity of an Arizona registered securities dealer and are misrepresenting their imposter website of Arcadia-Capital.net as being that of the registered dealer. The Commission’s Securities Division alleges Okoye and Coininvest are soliciting investors to purchase investments in cryptocurrency via the pirated website and a social media account, claiming to be a dealer located in Phoenix, Arizona. The actual Arizona business is managed by an Arizona resident who has no relationship with or connection to Okoye and Coininvest.
Also, the Commission’s Securities Division alleges Okoye and Coininvest are misrepresenting their investment program as a safe and secure investment with an assured profit when cryptocurrency is often considered to be a volatile investment.
Unlike traditional currency, alternative investments such as cryptocurrency are not typically backed by tangible assets, are not issued by a government authority and may be subject to little or no regulation. Some additional concerns about investments in cryptocurrency include:
As with any investment, if a promoter guarantees returns, if an opportunity sounds too good to be true, or if you are pressured to act quickly, please exercise extreme caution and be aware of the risk that your investment funds may be lost. Arizonans can find detailed information about the risks of investing in cryptocurrency investments in the Investment Products section of www.azcc.gov/azinvestor and clicking on the link entitled “Virtual Currency.”
Okoye and Coininvest are entitled to a hearing to answer the claims made against them. The Corporation Commission urges Arizonans to contact the Investigator on Duty by telephone at 602-542-0662 or by email at SecuritiesDiv@azcc.gov if they have been solicited by or have invested with Okoye and Coininvest.