Four More ICOs Hit with Cease-and-Desists by Colorado Securities Regulator

The Colorado Division of Securities has issued another batch of cease-and-desist orders against allegedly fraudulent initial coin offerings (ICOs).

The watchdog announced on Tuesday that the U.S. state’s securities commissioner, Gerald Rome, has signed four new orders against Global Pay Net, Cred LLC (doing business as Credits), CrowdShare Mining and CyberSmart Coin Invest.

The companies all allegedly placed fraudulent statements on their websites with unverified data, false promises, claims of excessively high profits and dividends, insufficient disclosures and misrepresentation of facts, said the agency.

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