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Commission Orders $1.16 Million in Restitution for Investors Defrauded by Crypto Currency Investment Scheme

The Corporation Commission ordered My Trader Coin to pay $1,162,747 in restitution to investors and a $75,000 administrative penalty for operating a multilevel-marketing scheme for investments in worthless crypto currency companies.

The Corporation Commission found My Trader Coin, also known as MTCoin, told investors their funds would be used to purchase and trade cryptocurrencies, paying investors from anticipated trading profits.

However, the Commission found My Trader Coin was not a registered Arizona securities dealer, and that the company made material misrepresentations and omissions when selling these investments, including promising returns of over 300 percent in a year's time, failing to disclose the risk of investing in a multilevel marketing business, failing to disclose the risks associated with crypto currency investments, and failing to disclose that earlier investors had not been able to withdraw principal and interest as promised.

All documents relating to this agenda item can be found in the Corporation Commission's online docket at https://edocket.azcc.gov and entering docket number S--21169A-21-0380.

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Arizona Corporation Commission

1200 W. Washington Street

Phoenix, AZ 85007

 

Corporations Division

1300 W. Washington Street

Phoenix, AZ 85007

 

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