By CCN Markets: Crypto fraudsters beware. Texas’ top securities chief is watching you like a hawk, and he’s not a fan of your scammy ICO.
He’s Joe Rotunda, Director of the Enforcement Division for the Texas State Securities Board. He’s held the position for the last 12 years.
Rotunda is easy-going, even humorous at times. However, he’s the epitome of the saying, “Don’t take his kindness as a weakness.” Rotunda has no patience for fraudsters, and his zealousness against ICO scammers is earning him quite a reputation.
Rotunda coordinated an international task force that focused on illegal and fraudulent ICOs and cryptocurrency investments. His effort has resulted in the involvement of more than 40 agencies that brought more than 46 enforcement actions against promoters of illegal or fraudulent cryptocurrencies.
Including the infamous Bitconnect scam.
“The actions brought against Bitconnect highlight the effectiveness of our cooperation – both Texas and North Carolina brought enforcement actions against Bitconnect at a time the market capitalization of its tokens was around $2.6 billion, and these actions led the total collapse of the scheme,” he said.
But that hasn’t stopped the scammers from targeting Texas residents. Rotunda explained why in an exclusive interview with CCN:
“Bad actors have a simple goal: raise as much money from as many investors as quickly as possible. They are able to leverage the internet, social media, online marketplaces and other mediums to broadly target these investors with little cost or effort. Their schemes often collapse as soon as a state or federal regulator brings a legal action against them.