Author: Gan Jia Ci
An Initial Coin Offering (ICO) was recently shut down by the Texas State Securities Board for allegedly promoting its tokens using fake testimonials by many celebrities, including Jennifer Aniston.
According to the emergency cease-and-desist order filed on Wednesday, the Wind Wide Coin Website produced false endorsements by clients with attached pictures of stars Aniston, Prince Charles and Matti Taneli Vanhanen, the former Prime Minister of Finland.
Other than conducting endorsement fraud, Wide Wide Coin was also allegedly marketing unregistered securities and was not granted any form of permit for the sale of its tokens.
The order also stated,
“Respondents Wind Wide Coin and Respondent Roman are representing they ‘believe in complete transparency’, they ‘believe frauds and scams harms [sic] bitcoin as a whole’ and they have ‘strong moral values and would never steal or cheat anyone,’ which is materially misleading or otherwise likely to deceive the public because Respondents are engaging in fraud and making an offer containing statements that are materially misleading or otherwise likely to deceive the public.”
A fraudulent testimonial by “Kate Jennifer” who identified herself with a picture of Aniston claimed to have “ invested 4 BTC at Thursday” and “received 8 BTC Friday”, thanking World Wide Coin.