A securities fraud stop and desist that intently ties into Bitqyck has been issued in Texas.
Bitqyck was launched in early 2017 by co-founders Bruce Bise and Samuel (Sam) Mendez.
They had been joined by Mark Steven Royer shortly after launch.
The Texas Securities Board refers to Bise as “a white collar felony”. Mendez is a former lawyer who was disbarred ‘after committing acts of dishonesty and ethical turpitude by misappropriating funds‘.
In different phrases, your typical MLM cryptocurrency firm house owners.
Bitqyck marketed their bitqy altcoin. The shitcoin was marketed and finally dumped onto gullible buyers, on the premise it “might enhance” from 2 cents to $3 per token.
As early as Might 2017, Respondent Royer joined Bise and Mendez in providing bitqy to the general public.
He was encouraging potential buyers who “missed out” on bitcoin to speculate with Bitqyck, claiming that it could “create a brand new digital economic system”.
In typical MLM cryptocurrency pump and dump trend;
Bitqy didn’t enhance in value to $3.00 per token.
As an alternative, bitqy misplaced greater than 99% of its worth, dropping from $0.02 per token to solely $0.000572 per token as of November 11, 2018.
BehindMLM printed a evaluation of Bitqyck in March 2017.
We recognized Bitqyck as a relaunch of the Mendez’s failed Calorchi e-commerce platform, by use of the MLM crypto pump and dump mannequin.
After a failed try to avoid US securities regulation with “offshore mining”, Bitqyck was formally deserted in June 2018.
The Bitqyck affiliate-base was bought for an undisclosed sum to Tierra Science International final month.
Within the aftermath of Bitqyck’s collapse, Mark Royer (proper) has launched “My Crypto Mine”.
Whether or not Royer is working alone on My Crypto Mine is unclear.
Reasonably than disclose his solely cryptocurrency expertise is the launch of an MLM pump and dump shitcoin, Royer presents himself as having been “concerned in cryptocurrency for the previous 10 years”.
My Crypto Mine seems to be extra of the identical. Gullible associates are being requested to speculate $10,000 or extra on the promise of returns of as much as 20% each 4 weeks.
Respondents are touting the safety of the funding issued by My Crypto Mine, claiming the funding has no threat, the returns are assured, and buyers’ capital won’t ever lose its worth.
In addition they declare the buying and selling is audited twice per yr, thereby affording buyers a further technique of safety.
Moreover, Bice, Mendez and Royer are additionally claiming My Crypto Mine has
been chosen by a “main nationwide Church” to be their “advisable Crypto/Passive funding for his or her 6 million members”.
With out legally required regulatory registration and disclosure to their buyers and the general public, My Crypto Mine’s claims are baloney.
Neither My Crypto Mine, Bitqyck, Bruce Bise, Sam Mendez or Mark Royer are registered to supply securities in Texas (or wherever within the US for that matter).
In a securities fraud stop and desist issued on November twenty seventh, the Texas Securities Board has ordered the corporate stop violating the Texas Securities Act.
If he needs to show he’s not working a Ponzi scheme, Royer has 31 days to request a listening to.
Given Bise and Mendez determined to do a runner somewhat than function Bitqyck legally, I wouldn’t be holding my breath.
Replace 1st December 2018 – In response to the Texas Securities Board’s stop and desist, Sam Mendez and Bruce Bise are claiming they don’t have anything to do with My Crypto Mine.
The article above as initially printed has been up to date to replicate that.