The Texas Securities Commissioner Travis J. Iles has entered an emergency cease and desist order against DailyForex247. According to the Texas State Securities Board, the order was filed against DailyForex247 and Ghulam Wardag, its senior account manager.
The order alleges that the parties operated an online scam tied to forex trading and cryptocurrency mining.
According to the order, the investments in forex trading and cryptocurrency mining are regulated as securities in Texas. However, DailyForex247 and Wardag are not registered to sell securities in Texas, and the securities are not registered or permitted for sale in Texas.
DailyForex247 is accused of falsely claiming it is registered with the Securities and Exchange Commission. DailyForex247 also was said to be representing its brokerage firm as registered with the International Financial Market Relations Regulation Center – but this organization is not a regulatory agency for any government and does not provide licensure for parties offering or selling securities in Texas.
“This action reflects the importance of conducting thorough due diligence and independently verifying the registration of online promoters,” said Commissioner Iles. “Bad actors often try to add legitimacy to their schemes by misrepresenting their licensure. Investors should check and corroborate any claims that online investment platforms are registered to deal in securities.”