Texas Securities Regulator Cracks Down on Fraudulent Artificial Intelligence Investment Scheme-Austin, TX

Texas Securities Regulator Cracks Down on Fraudulent Artificial Intelligence Investment Scheme-Austin, TX

Texas Securities Regulator Cracks Down on Fraudulent Artificial Intelligence Investment Scheme-Austin, TX 150 150 Robert Rex, Esq.

Fraudulent Artificial Intelligence Investment Scheme

Target of Texas Securities Regulator

Austin, TX-April 2023

The Texas State Securities Board (TSSB) issued an emergency Cease and Desist Order against Bucharest, Romania based YieldTrust.AI and Stefan Ciopraga.

According to the TSSB Order, YieldTrust.AI  is illegally marketing its dApp , known as YieldBot, through its Internet website, its social media and various online influencers. It is purportedly touting the sophistication of the artificial intelligence, claiming it is “capable of executing 70 times more trades with 25 times higher profits than any human trader could.” YieldTrust.ai is also allegedly claiming the artificial intelligence continuously evolves, as the YieldBot “continually improves itself… becoming more effective with each trade made.”

The scheme touts promised profits of up to 2.2% per day. The TSSB accuse YieldTrust. AI of raising capital from the public to cover withdrawals from earlier investors, in classic Ponzi scheme  fashion.

Similar enforcement actions have been filed by regulators in Alabama and Montana.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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