FINRA issues first disciplinary action involving cryptocurrencies

The Financial Industry Regulatory Authority (FINRA) has charged a former broker from Massachusetts with securities fraud and the unlawful distribution of an unregistered cryptocurrency security called HempCoin..

In its complaint, FINRA alleged that, between January 2013 and October 2016, Timothy Ayre attempted to "lure public investment" in his "worthless" company, Rocky Mountain Ayre (RMTN) by selling HempCoin and by making fraudulent statements about RMTN's business and finances.

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