The New Hampshire securities regulator has issued a cease and desist order against Finstate Investment for fraudulent activities related to cryptocurrency investments. The order aims to protect investors from potential harm caused by the company’s deceptive practices.
Finstate Investment allegedly misled investors by falsely claiming to be a registered and licensed investment adviser. The company also reportedly offered unrealistic returns on cryptocurrency investments, promising guaranteed profits to potential investors.
In response to these allegations, the New Hampshire Bureau of Securities Regulation launched an investigation into Finstate Investment’s activities. The regulator found that the company was not registered with the state as an investment adviser, making its operations illegal.
As a result, the regulator issued a cease and desist order against Finstate Investment, requiring the company to stop soliciting investments and engaging in any other fraudulent activities. Failure to comply with the order could result in further legal action and penalties.
Investors are advised to be cautious when dealing with companies offering high returns on cryptocurrency investments, as these promises may be too good to be true. It is essential to verify the legitimacy of any investment opportunity and ensure that the company is properly registered with the appropriate regulatory bodies.
Overall, the cease and desist order against Finstate Investment serves as a warning to other companies engaging in fraudulent activities in the cryptocurrency space. The New Hampshire regulator is actively working to protect investors and maintain the integrity of the financial market.
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