An emergency cease and desist notice has been put on Coinvaultpro by the Security Commissioner of Texas, Travis J. Iles. The firm is charged for offering cryptocurrency mining investments to the people of Texas which are both fraudulent and illegal.
The firm has promised alluring and guaranteed returns on the principal investment with higher the initial investment, greater the gains. The order stated that Coinvaultpro has been vague with their way of working and how will they generate the lucrative returns they've promised and are also accused of not providing information to the investors about the risk involved in it.
The company is relying on its false working staff and claims it harbour some of the best managers in the game with someone even having to experience for working at Google.
Coinvaultpro Was Pretty Immaculate in Its Approach
Coinvaultpro is trying to lure the investors by providing the gratification that they're reliable with constant testimonials on their websites. It displays false success stories of people who invested and had success with them. The company, according to the Texas authorities doesn't boast an operating license in crypto mining but Coinvaultpro claims that it does possess one. The order stated that they have no permitted license for sales in the state.
The Texas Security board has been active in stopping fraudulent activities in the name of cryptocurrencies lately. Twenty-seven legal enforcement has been brought 77 respondents who have been purportedly involved in illegal activities and for fooling the citizens of the states by promising them huge returns on their investments. Coinvaultpro make-believe attractive website and grand returns on principal investment with the facade they created of an elite management team consisting of managers from Barclay and Google was enticing but now it finds itself in hot water with the new cease order against it by the Texas Commissioner.
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