- Coinvaultpro is advertising high paying gains to its investors. The rate of return depends on the principal amount invested.
- According to the Texan officials, all the features claimed by Coinvaultpro are just facades.
- The Texas Security board had taken actions against a lot of investment firms until now.
Travis J. Lles, the Texan security commissioner, has published a Cease and Desist order which urgently put to action. The Crypto investment firm named Coinvaultpro. This firm prosecuted for fraud. Coinvaultpro reportedly has been offering illegal cryptocurrency exchange and mining to the residents of Texas.
Coinvaultpro is advertising high paying gains to its investors. The rate of return depends on the principal amount invested.
The firm is publicizing the proficiency and highlighting the broad expertise of its faculty. According to them, they have hands-on involvement with “top tech and finance companies”. Additionally, The managers of Coinvaultpro purportedly worked with Amazon, Google, and other top financial institutions.
Another core attribute is testimonials of satisfied customers published on the Coinvaultpro website.
Accusations against Coinvaultpro
According to the Texan officials, all the features claimed by Coinvaultpro are just facades. Moreover, the cryptocurrency firm reported having hidden statistical information about the course of action of generating and ensuring returns. However, It has also failed to provide adequate information about the risks of investments.
The testimonials of clients provided on their websites deemed false by the authorities too. Thus, Coinvaultpro also blamed for misrepresentation of identities by using online photographs.
Coinvaultpro is claiming as registered crypto investment firm. According to the order, the firm not licensed to sell; hence firm not allowed to undertake exchanges in Texas.
The Texas Security board had taken actions against a lot of investment firms until now. Hence, in total, 77 offenders charged with fraud and deceit, and about 27 formal charges filed.