The firm, Mavixbtc also photoshopped the Getty Center, LA, as its own office on Twitter.

Secretary of State Jay Ashcroft’s Securities Division issued a final order to cease and desist against unregistered firm Mavixbtc Limited, as reported by CoinGeek.

Mavixbtc had fraudulently represented itself as registered with both the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. To do this the firm used false registration numbers.

But it likely stole thousands of clients from genuine financial advisors such as Benjamin F. Edwards & Co. Mavixbtc went live on October 10, 2018 and raised $1.89 million from 51,000 accounts. The site remained operational despite a cease-and-desist order issued in October, 2019.

The final cease-and-desist order issued by the Securities Division has shut down the operations of the firm. It has been slapped with a civic penalty, as well as costs for the investigation. That amounts to a fine more than $30,000.

Website taken down

Also, the website domain host of Mavixbtc has taken down the fraudulent firm’s website in compliance with the order.

Interestingly, the firm’s Twitter page is still up, and it shows a very nice office premises inside its Twitter logo. Careful examination shows that the name of the firm has been photoshopped onto an unrelated building. That building, hold your breath, is the Harold M Williams Auditorium in the Getty Center, LA. (Please refer the image above).

Here’s advice from Securities Commissioner David M. Minnick on the risks of crypto scams and shady investment products:

“Scam artists commonly use professional looking websites to promise immense investment returns, but don’t be fooled. If something sounds too good to be true, it probably is.”

That’s a dead ringer for the Mavixbtc scam.

The crooks offered 55% returns in less than six days for investments in cryptocurrency.

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