According to a CoinDesk, the Texas State Securities Board (TSSB), a local financial watchog, issued a new cease-and-desist order on Feb. 26 to a cryptocurrency firm from Panama named LeadInvest.net.
State financial regulator sees the firm's cryptocurrency mining and trading programs as unregistered security offerings. LeadInvest also alleged in using fake stock images to portray its team members.
The watchdog states that the company's website and promotions have allegedly been making deceptive and misleading statements when targeting Texas residents - promising 20 to 100 percent returns on investments within one to three months through the firm's cryptocurrency mining and trading services.
The TSSB further says that the photos of the company's staff are stock photographs of models that can be found on the web or are images of other individuals with no connection with the company.
The regulator states that, as of Feb. 26, the firm has raised over $177 million from over 190,000 accounts.