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An alleged Craigslist fraud targeted would-be investors in San Antonio by pretending to be a well-known financial firm, according to an emergency cease and desist order issued by the Texas State Securities Board on Thursday.

So-called “impersonation scams” have become more frequent in the past 12-18 months, enforcement director Joe Rotunda said, potentially because of the rise of retail investors and the skyrocketing value of cryptocurrencies.

The board’s order accuses a group called Keye Midas Wealth Management and named affiliated individuals of pushing a fraudulent cryptocurrency product that promised profits of 40% per month, risk-free.

A sales agent for Keye Midas allegedly advertised the scheme through San Antonio Craigslist postings while masquerading as a representative from Ark Invest, a legitimate $22…

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