Crypto advisors used SEC certificates that were never issued

Yesterday, the SEC asked a federal court for injunctions against several crypto investment advisory firms who have displayed fake SEC certificates.

Naming crypto operators CryptoOrbit, Ftaexchange, Pinnacle, Quantum, RBH, and others, the SEC filed a total of 38 civil complaints over phony filings.

For example, the crypto-focused Quantum Financial Institute claimed it had registered investment advisor status that didn’t exist.

One of its incredible press releases pitched “a multi-dimensional intelligent investment system” and “courses” where students could learn about “bitcoin giveaways” and “the highest win-rate strategies, helping students understand the deep logic of the market.”

It even rendered a phony SEC certificate to dupe customers.

Commissioners are asking a federal court for injunctions to order civil penalties and to ban the defendants’ reporting exemption privileges for future advisory filings.

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