Stoltmann Law Offices continue to investigate broker Timothy Tilton Ayre of Massachusetts, who has been charged by FINRA with the unlawful distribution of unregistered cryptocurrency securities and fraud. The FINRA complaint alleges that Ayre bought the rights to HempCoin in 2015. He repackaged it as a security backed by his own company Rocky Mountain Ayre, Inc. (RMTN). Calling it “the first minable coin backed by marketable securities”, Ayres sold HempCoin telling investors that each coin was equivalent to 0.10 shares of RMTN common stock. After selling more than 80 million HempCoin securities, FINRA charged Ayre with the unlawful distribution of an unregistered security because HempCoin was never registered and no exemption applied. FINRA also alleges Ayre defrauded investors in RMTN by making materially false statements and omissions regarding RMTN and its financial statements, along with the unlawful distribution of HempCoin and failing to disclose his creation of it.
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