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Commission Sanctions Forex & Bitcoin Trader for Fraudulent Investment Sales

The Arizona Corporation Commission ordered Forex & Bitcoin Trader of New York to pay a $10,000 administrative penalty for committing securities fraud in Arizona.

In its default order, the Arizona Corporation Commission found Forex & Bitcoin Trader offered and sold unregistered investment contracts to two Arizona residents who responded to a Craigslist advertisement for an “investment program.” The Commission found that the investors received emails and text messages from Forex & Bitcoin Trader as well as a referral to the company’s website, which touted guaranteed returns of ten times the amount invested after two weeks. 

Additionally, the Arizona Corporation Commission found Forex & Bitcoin Trader failed to disclose any risks associated with investing in crypto currencies or foreign currencies (Forex) as well as the regulatory action taken by the state of Texas against the company. During this time, Forex & Bitcoin Trader was not registered to offer or sell securities in Arizona.

All documents relating to this case can be found in the Corporation Commission's online docket at https://edock t.azcc.gov and entering docket number S-21085A-19-0271

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