• Keye Midas Wealth Management created a huge cryptocurrency fraud in San Antonio.
• Cryptocurrency scams increased after the pandemic.
A new Craigslist fraud affected retail investors in San Antonio, pretending to be a well-known financial service. This was announced by the Texas State Securities Board under an emergency cease order.
The famous identity theft scams have become prevalent in the last year, and it is aimed at cryptocurrency fraud. Chief Compliance Officer Joe Rotunda senses this is due to the rise of retailers turning to cryptocurrencies.
The board accuses the financial group Keye Midas Wealth Management of promising a risk-free scheme of work. Cryptocurrency fraud occurs when the group offers fans 40% profit per month to join its system.
Cryptocurrency fraud by Keye Midas Wealth Management group
announced the financing plan through San Antonio’s Craigslist. However, the agent posed as a representative of the Ark Invest company to gain credibility. Ark Invest is valued at $22 billion today; it had an incredible performance on Wall Street.
Although the official website of Keye Midas Wealth Management indicates that it is a national investment company in Delaware, it is a scam. This company does not have commercial records, much less a physical agency to which the investor can go.
Cryptocurrency scams on the rise
The Rotunda Foundation believes that improvements in technology have fueled these cryptocurrency scams in recent years. Scammers can create credible financial websites.
However, the foundation also strongly believes this cryptocurrency fraud also increases with the Covid-19 pandemic. People see cryptocurrencies as a profitable investment medium that no one should miss out on. But just as there are credible financial companies, so are fraudulent websites.
The posts by Keye Midas are a level of scam that many investors are exposed to. The simple fact of reading advertisements such as “earn more than 40% of your investment every month” is synonymous with a scam.
The board that fights against virtual scams accused the company “Keye Midas” of illegally soliciting crypto investments. All the posts advertised in Excelsior, Great Mogul, Regent, and Idol’s Eye support the accusation. According to the order, this company promised money-back plans for investment of 80% in monthly installments.
The police are looking for scammers and companies related to Keye Midas. Although the police department have not found the scammers, retail investors in San Antonio have already been warned.