Cryptocurrency scams are alive and well and continue to target unwitting individuals with their malicious schemes. In September of last year, the Texas State Securities Board issued a cease and desist order against Ultimate Assets, LLC, an unregistered dealer operating from eastern Massachusetts soliciting Texan Investors to invest in their Forex and Bitcoin trading program and its principals, Daniel Dishmon and Jason Woodard.
Ultimate Assets directed investors to send their e-mail address, via text message, to their phone number. Thereafter they would receive risk free investment. Ultimate assets promised that investors could receive a ten-fold return on their initial investment and stated that their Ultimate Assets Trading Program involved no risk, that returns were guaranteed at, at least, “100% whatever your investment amount is”. Victims of the scam would receive a so-called “investment agreement” that would state that their initial investment would provide a “100% profits in 21 days or a refund will be issued in cases where [the] investment could not yield profits”.
Through this scam, Dishmon and Woodard would direct Texans to wire transfer their “investment” to a bank account owned by Woodard himself. The reported address of Ultimate Assets, 449 Massachusetts Ave., Arlington, MA 02474, was the address for Leader Bank and has no record of Ultimate Assets.
In their fraudulent activities, the Texas State Securities Board found that neither Ultimate Assets, Dishmon nor Woodard were registered with the Securities Commissioner. They failed to disclose the identity of the principals of Ultimate Assets. They intentionally failed to disclose basic information and risks involved with Forex and Bitcoin, instead telling investors that they were risk free. It is imperative that investors throughout the county continue to be on guard against fraudsters offering “risk free” investments.
