The Idaho Department of Finance is warning the public about a series of fraudulent cryptocurrency schemes seen recently targeting Idaho investors.
The companies purport to provide high returns with no risks to the investor.
These fraudulent schemes are operating under the name and websites of Crypto FX Direct, Shield Investors LTD, Quartz FX Trade, and FinVest Trading.
The scams advertise operation of online cryptocurrency investment companies. However, in reality they are offering and selling fraudulent securities to Idaho investors. These companies, through their websites make outrageous, demonstrably false statements and claims like guaranteed returns on investment as high as 65% – 80% every 24 hours. They offer profitable investments with any plan, and purport the more invested, the greater the return. Idaho investors were provided with phony credentials by the company’s investment adviser intended to support the legitimacy of the investment adviser as well as the companies they represent.
None of the companies are registered to sell securities in Idaho nor have they filed with the Idaho Secretary of State to conduct business in the Idaho.
The Department of Finance reminds Idahoans that persons and firms offering investments are
required to be registered in Idaho. The public can check the status of any investment professional, and the firms they represent by contacting the Idaho Department of Finance for information regarding registration, background, and educational requirements of an investment professional and their firm, or by contacting the Idaho Secretary of State to determine if the company is registered to conduct business in Idaho.
