“The order is a result of Zuka’s failure to register his investment products and failure to register as an investment adviser,” the regulator detailed, adding: Zuka is in violation of Alabama securities laws for promising excessive returns, reporting fictitious account values and imposing undisclosed fees to an Alabama investor.
Alabama Securities Commission reported Thursday that it has given a cease and desist order against 97 cryptocurrency exchanging websites. The controller clarified that an Alabama investor found Acoin Trading on the web and was interested by how the program could make investors multiple times the underlying interest in only one week. “Therefore, the investor took part in a demonstration and invested around $ 10,000 worth of bitcoin, which was deposited into a wallet provided on the Acoin Trading website,” the ASC noted. The announcement states: The Alabama Securities Commission (ASC) issued a cease and desist order against Sir Philip Zuka owner of Acoin Trading and 96 other fraudulent crypto trading platforms.
However, when he wanted to withdraw his money, Zuka demanded an additional payment before any funds could be withdrawn. The investor quickly realized that the investment was a scam; he immediately filed a complaint with the ASC and stopped all communication with Zuka and his trading platform.
However, the regulator said the Alabama resident lost the entire investment.
According to the order, the owner of Acoin Trading was a user of Namecheap Inc. named Sir Philip Zuka, or Sirzuka. Order details:
“Sirzuka” created 281 websites through Namecheap Inc. Out of the 281 websites, 127 of them work and 96 of them work the same as Acoin Trading. The IP addresses were from Nigeria, Europe or the United States.
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