FINRA, the non-profit organization that tasks itself with policing the securities industry, is charging Timothy Tilton Ayre of Agawam, Mass. with fraud and unlawful distribution of unregistered cryptocurrency securities.
Ayre claimed that users could buy equity in his company, Rocky Mountain Ayre, Inc., buy purchasing HempCoin, a cryptocurrency. From the release:
In the complaint, FINRA alleges that, from January 2013 through October 2016, Ayre attempted to lure public investment in his worthless public company, Rocky Mountain Ayre, Inc. (RMTN) by issuing and selling HempCoin – which he publicized as “the first minable coin backed by marketable securities” – and by making fraudulent, positive statements about RMTN’s business and finances. RMTN was quoted on the Pink Market of OTC Markets Group and traded over the counter.