Fraud and Scams

10 Years Prison Sentence awaits for a Crypto-Scammer

In recent reports from the Texas State Securities Board (TSSB) in the United States, there are traced batch of alleged cryptocurrency scams.

According to the Texas Securities Commissioner Travis J. Iles, an Emergency Cease and Desist Order against two alleged crypto scam schemes are known as Forex Birds and PEK Universe could penetrate the systems.

Ther suspects were quickly identified as Kumar Babu Bondesi and Darwin Eric Balusek, the alleged operators of the schemes.

As of press time, TSSB named Balusek to work under the alias of “Bitcoin Pope.”

These accused, moreover, were operating office overseas. The respondents are accused of fraudulent securities offerings linked to foreign exchange (forex) and cryptocurrencies, the authority said.

As well, TSSB also added that Forex Birds was allegedly promising investors profits up to 11%, with deposits up to $1 million.

Thus, they are misleading investors by claiming to be registered with numerous authorities for countries like Europe and Australia.

An investigated promotor of the crypto program, the Pek Universe was auspicious to earn daily profits for investors — up to nearly 2% per day for 30 days.

In further verification, both Forex Birds and Pek Universe were not listed to deal in Texas securities, the regulator said.

According to the official order shown to CNWN, the respondents are fronting a $10,000 fine or two to 10 years in prison or both. The hearing shall proceed with the regulator before Sept. 31.

To this date, Forex Birds and Pek Universe are intact in their business.

In closing, the Texas State Securities Board is one of the most active regulators in the U.S. in the crypto industry.

It is the only state in America to ink an enforcement action against a crypto-related firm. In July, it shut down Minor Trading International, a multi-level crypto scam scheme based in South Africa.

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