The US financial industry regulatory authority (FINRA) lodged a complaint against Timothy Tilton Ayre, accusing him of fraud on the securities and illegal distribution of an unregistered cryptocurrency, according to a statement posted on the website of FINRA Tuesday 11 September  In the complaint, FINRA, overseen by the Securities and Exchange Commission (SEC) of the United States, states that Ayre, based in Massachusetts, has sought to attract investments in its public company, Rocky Mountain Ayre, Inc (RMTN), selling HempCoin, which has misrepresented as "the first minimum currency supported by tradable securities". The regulator writes that Ayre's claims are "fraudulent and positive claims on the affairs and finances of the RMTN".
In addition, Ayre said that HempCoin is a security supported by RMTN ordinary shares, telling investors that each currency was equivalent to 0.10 shares. As a result, more than 81 million HempCoin titles were drawn at the end of 2017 and sold in encryption. As Ayre has never attempted to register the currency, FINRA has decided to charge the head RMTN the illegal distribution of an unregistered title,
In addition to the above, from January 2013 to October 2016, Ayre would have made false statements about nature of the activities of RTMN and the creation and "illegal distribution" of HempCoin, in addition to making misleading statements in the financial statements of RMTN.
FINRA, which initiated a formal proceeding against RMTN by filing a complaint, reminds the public in the statement that anyone named in a complaint can file a response and request a hearing. If FINRA admits there have been violations, the business or individual could get a fine, censorship, suspension, or be excluded from the securities industry.
FINRA's statement comes on the same day that its dominant SEC organization has issued two separate ceases and despots orders along with fines.
As written on September 11, Cointelegraph filed a cease-and-stop against Timothy Enneking and its Crypto Asset Management fund, which "misrepresented" as the "first regulated capital fund in the United States." The SEC's second warning deals with "Ico superstore" TokenLot, which even the US observer has violated the law by failing to register in the country.