Department of Finance warns Idahoans about cryptocurrency scams

These fraudulent schemes operate under several different names and websites, including Crypto FX Direct, Shield Investors LTD, Quartz FX Trade, and FinVest Trading.

BOISE, Idaho — The Idaho Department of Finance is warning the public about a series of fraudulent cryptocurrency schemes that have been targeting Idaho investors.

The online cryptocurrency investment companies purport to provide investors with high returns with no risks. These fraudulent schemes operate under several different names and websites, including Crypto FX Direct. Shield Investors LTD, Quartz FX Trade, and FinVest Trading.

In reality, they are offering and selling fraudulent securities to Idaho investors.

The websites are reported to have made outrageous, demonstrably false statements and claims, including guaranteeing returns on investments as high as 65% – 80% every 24 hours. They offered these profitable investments with any plans, claiming the more money invested, the larger the return.

Idaho investors were given phony credentials by the company’s investment advisor to try and legitimize both the companies and their representatives. Idahoans were then asked to pay the investment advisor with cryptocurrency in exchange for one of the trading programs offered on the site.

Once the trading period ended, investors were contacted by an advisor who notified them of a substantial return on their investment; to receive the investment return, however, Idahoans had to pay an additional fee that could not be taken out of their return.

When the investor provided the trading fee, they were told that additional fees or penalties would be assessed and would have to be paid before they could receive their payment.

None of these fraudulent companies have been registered to sell securities in Idaho, nor have they filed to conduct business with the Idaho Secretary of State.

The Idaho Department of Finance wants to remind the public that persons and firms offering investments need to be registered in Idaho. To check the status of any investment professional and the firms they represent, follow these steps:

  • Contact the Department for information regarding registration, background, and educational requirements of an investment professional and their firm. 
  • Contact the Idaho Secretary of State to determine if the company is registered to conduct business in Idaho.
  • Research the business address provided on their website to determine if it is a reasonable location for business.

One last reminder from the Department of Finance:  “If it sounds too good to be true, it probably is.”

The Idaho Department of Finance encourages investors to come forward if they suspect they have been targeted by similar cryptocurrency investment schemes. Contact the Idaho Department of Finance at securities@finance.idaho.gov.

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