FINRA Charges Broker With Fraud In Its First Crypto-Related Complaint

  • Alex Dovbnya
    📰 News

    FINRA has launched its first disciplinary action related to a crypto broker Timothy Tilton Ayre. He was reportedly illegally distributing the HempCoin token


FINRA Charges Broker With Fraud In Its First Crypto-Related Complaint

FINRA has launched its first disciplinary action related to a cryptocurrency broker Timothy Tilton Ayre. He was reportedly illegally distributing the HempCoin token after acquiring the rights for this cryptocurrency security back in 2015.

Each token would represent an investment in his public company Rocky Mountain Ayre (RMTN). Back in October 2016, Ayre misled the investors by lying about the nature of RMTN, which actually doesn’t have any value.
 
According to FINRA rules, the broker is allowed to request a hearing where he will be able to defend himself. This fraud complaint is not meant to be taken as the final decision.
 

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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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