The US financial industry’s self-regulatory body, FINRA, has begun a disciplinary procedure against Timothy Tilton Ayre, the issuer and the broker-dealer of HempCoin (HMP) cryptocurrency, for offering unregistered securities, a FINRA statement on Tuesday announced. Note that the HMP is a different project from Hemp Coin (THC).
FINRA charged Ayre on market integrity and investor protection grounds in the body’s ‘first disciplinary action involving cryptocurrencies’. Ayre made multiple false market announcements from 2013 to 2016 by failing to reveal the real intentions of his company, RMTN, which unlawfully was creating and selling HempCoin. The HMP issuer also used misleading facts in the company’s financial statements, according to the self-regulatory organization.
“In the complaint, FINRA alleges that, from January 2013 through Octob...
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