Man promising Alabamians hefty crypto returns running ‘scam,’ state says
The Alabama Securities Commission on Wednesday told a man hawking investments with a purported cryptocurrency trading platform to stop pitching Alabamians on the investment after the agency said the operation “has the hallmarks of a scam.”
Joel Williams uses LinkedIn to offer unregistered investments with Bitminer Pro, which Williams claims is a cryptocurrency trading platform but which the commission characterized as a “data mining operation.”
Williams advertises the investments as “secure and lucrative,” adding that a $3,100 investment can generate $1,034 in profit a day, the commission said.
Investors are told to fund a crypto wallet on bit-mpro.com and give their account information to Williams. The website’s domain registrar has a Nigerian address, according to the commission.
“If it looks like a duck and quacks like a duck, it’s probably a duck. The Bitminer Pro and Williams operation has the hallmarks of a scam,” said ASC Deputy Director Amanda Senn. “When it comes to investing, promises of ‘too good to be true’ returns are a big red flag.”
The agency issued cease-and-desist orders to Bitminer Pro and Williams for multiple securities law violations, including failing to register as an issuer, failing to register securities and employing an unlicensed agent.
“Alabamians should avoid doing business with Bitminer Pro and Joel Williams,” the commission said.
