Arkansas Securities Commissioner Eric Munson entered a Cease-and-Desist Order against MyCapitaltradeFX.com Thursday (Aug. 5) for promoting fraudulent investment plans and using fraudulent means to target Arkansas investors.
In addition to MyCapital, Munson found that several other online platforms were operating a similar scheme. The platforms are: Blinkotrade.com, FidelityFXtrade.com, Climaxcapitalfx.com, BitFX24.net, Digitaltrademine.net, CentralFXmarkets.com, TraderFXpro247.com, and Funditmarkets.com.
The order found that all nine of the above-mentioned platforms were operating illegal schemes to advertise, hype and sell fraudulent cryptocurrency and forex investments.
To accomplish the scheme, the platforms disguised their intentions by offering investors the option to choose between different types of investment plans. The platforms promised that investors would receive high returns without them having to do anything. Additionally,…