The Texas State Securities Board (TSSB), a securities regulator in the United States, discovered another line of suspected cryptocurrency scams.
On September 3, the Texas Securities Commissioner, Travis J. Iles, issued an Emergency Cease and Desist Order against two suspected crypto scams known as Forex birds and PEK universe.
The published order names Kumar Babu Bondesi and Darwin Eric Balusek than the one supposedly responsible for the systems. According to the TSSB Balusek is also known by the nickname “Bitcoin Pope”..
Active abroad, The defendants are accused of making fraudulent offers for securities linked to currencies (Forex) and cryptocurrenciessaid the authorities. According to the TSSB According to reports, Forex Birds has promised investors gains of up to 11% on deposits of up to $ 1 million. It is also accused of misleading investors by claiming to be registered with various authorities in Europe and Australia.
Pek universe, the alleged promoter of cryptocurrency programs, promised daily returns of up to 2% per day for 30 days. Both Forex Birds and Pek Universe were not registered to trade in securities in Texas, the regulator said.
According to the official order, the defendants face a Fine of $ 10,000 or two to ten years in prison, or both and You must apply for a hearing with the regulator before September 30th. At the time of this writing, the Forex Birds and Pek Universe websites are still intact.
The Texas State Securities Board is one of the most active regulators in the US when it comes to the crypto industry.. The authority is known as the First state securities regulator in the US when initiating an enforcement action against a company related to cryptocurrency. In July 2020, TSSB closed Mirror Trading International, a tiered crypto fraud program operated out of South Africa.