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Texas Securities Commissioner slams cease and desist order on crypto firm

Texas Securities Commissioner

The Texas Securities Commissioner on Thursday ordered the immediate closure of a crypto investment program operated by Eric Darwin Balusek, popularly known as Bitcoin Pope.

Travis J. Iles, the Texas State Securities Board Commissioner signed an urgent cease and desist order to the Bitcoin Pope sighting his involvement in what the authority claim is a fraudulent crypto investment scheme which promises investors over hundred percent profits.

However, even after the order has been signed, Bitcoin Pope’s firms, Forex Birds and Pek Universe have continued to operate.

Pek Universe promised investors that with a $500 stake, they get 1.4 percent profit every 10 days and a 5 percent affiliate fee. The firm offers services like environmental cleanup, missile defense, and nuclear security.

Bitcoin Pope’s other firm, Forex Bird promises investors that they get 50 percent daily.  Reportedly, the firm is registered with the “Europian” and Australian Securities and Investment Commissions.

Texas Securities Commissioner orders

According to the Texas Securities Commissioner, the offers made by Bitcoin Pope’s firm are materially misleading.  The commissioner in the statement said Bitcoin Pope risks a fine of up to ten thousand dollars or two to ten years imprisonment or both if he doesn’t shut down.

This is because both websites promise high returns on crypto investments at virtually no risk according to the Texas Securities Commissioner.

Allegations slammed against Forex Bird, Pek Uiverse

Both firms in the cease and desist orders have been said to intentionally fail to disclose how they make profit even while they offer investment.

Likewise, in connection with various investment plans both firms have been accused of intentionally failing to disclose assets, liabilities or other financial information that shows their Forex Birds ability to pay investors profit regardless of cryptocurrencies price.

  Also, regarding Elite, Veteran, and retirement trading plans, the firms are said to have intentionally failed in disclosing their strategies of making profit and also not disclosing assets, liabilities, or other information that shows Pek Universe ability to pay investors profits.

Read full cease and desist order here.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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