A New Jersey regulator has announced that it will enforce a cease and desist order granted by a court against three firms. According to the regulator, the three scam websites were involved in illicit activities relating to digital assets. The New Jersey regulator mentioned that the websites search for people looking for love and lure them into investing in their fake crypto projects.
The firms were involved in pig butchering scams
According to the filing, Meta Capitals and Forex Market Trade are two of the three companies hit with the recent court-granted order. In addition, Cresttrademining Limited was also listed as the third party involved in the criminal act. The three company ran their activities using the same method.
They would lure users through romance-related means and advise them to mirror the trades of the experts on their team so they could earn big profits. The statement mentioned that these criminals enter legal dating apps like Tinder to look for their victims and convince them. This type of scam is called the ‘Pig Butchering Scam’ as the victims are believed to have been fed well before being scammed or slaughtered in this case.
The New Jersey regulator plans to apprehend the criminals
This kind of scam has been prevalent over the last few years, with scammers getting rich off scamming innocent people. The New Jersey regulator mentioned that they would do all their might to ensure adequate protection is afforded to the state’s residents. An agency executive noted that the scammers try to create a longing feeling in their victims to get as much cash as possible from them when they pitch the idea of investment. The executive also said that the New Jersey regulator is still working to show that laws govern the state.
Meanwhile, the Consumer Affairs director noted that the New Jersey regulator should ensure appropriate measures are taken to enforce these laws. This latest update is coming off the back of a recent study that showed that residents across the US were scammed about $420 million in Pig Butchering scams. An analyst has mentioned that criminals use the victim’s vulnerability to target and scam them. He said that some investors might need clarification about the legit nature of an investment if it has a mix of personal feelings of romance.
Source: https://www.cryptopolitan.com/new-jersey-regulator-order-against-websites/