Bitstrade Sales Halted by New Jersey Bureau of Securities; Cease and Desist Order Alleges Bitstrade Sold Unregistered Securities in New Jersey
The Bureau of Securities recently issued an emergency cease and desist order that prohibits the online cryptocurrency-related investment entity, Bitstrade, from continuing to sell purportedly unregistered securities in New Jersey, according to an Order from the New Jersey Bureau of Securities under review by attorney Alan Rosca.
Attorney Alan Rosca, of the RoscaLaw LLC firm, is investigating Bitstrade’s alleged sales of unregistered securities.
Investors who believe they may have lost money in activity related to Bitstrade’s alleged sales of unregistered securities are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Bitstrade is allegedly not registered to sell securities in New Jersey and is allegedly in violation of New Jersey’s Uniform Securities Law, according to New Jersey Attorney General Gurbir Grewal and the Division of Consumer Affairs.
For example, Bitstrade allegedly offered investors an unregistered security as part of an investment pool which supposedly guaranteed up to a 10 percent return which accrued daily upon investor funds, the New Jersey Bureau of Securities reports.
Bitstrade, which purportedly makes claims to take customers’ Bitcoin and then makes investments in the stock market, had allegedly been offering the equivalent of securities, but had also allegedly not properly registered with the New Jersey government, according to New Jersey regulators.
Bitstrade Allegedly Failed to Disclose Important Material Facts to Prospective Investors Including its Executive Officers, the Company’s Principal Office Address and Purported Financial Condition
Bitstrade also allegedly made violations of the New Jersey Uniform Securities Law by purportedly not disclosing important material facts to prospective investors such as its executive officers, the company’s main office address, and its alleged financial condition, according to the aforementioned Order from the New Jersey Bureau of Securities under review by attorney Alan Rosca.
Bitstrade also allegedly failed to disclose the risks of its investments and how the company invests its investors’ money, according to the New Jersey Bureau.
Finally, said New Jersey order, however, reportedly does not prevent Bitstrade from marketing its products outside of the state, the Order notes.
Securities Lawyers Investigating
The RoscaLaw firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Bitstrade’s alleged sales of unregistered securities. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions, and has helped recover tens of millions of dollars on behalf of investors.
Investors who believe they lost money as a result of Bitstrade’s alleged sales of unregistered securities may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530 or via e-mail at email@example.com, or through the contact form on this webpage.