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

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

Tue, 11/09/2018 - 19:42

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

Cover image via U.Today

Read U.TODAY on

Google News

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.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.