The SEC’s Office of Investor Education and Advocacy (OIEA) and the Commodity Futures Trading Commission’s (CFTC) Office of Customer Education and Outreach warn investors to watch out for false claims about agency actions and endorsements related to digital assets. Fraudsters may use false claims to lure investors into purchasing digital assets and to artificially raise their value. “Digital assets” include crypto-currencies, coins, and tokens such as those offered in so called initial coin offerings (ICOs).
The SEC and CFTC staff are aware of fraudsters making false claims about SEC or CFTC actions and endorsements related to digital assets. Examples of these false claims may include:
Be skeptical of anyone attempting to sell you digital assets, or any investment, that makes claims about future SEC or CFTC actions. Both agencies will announce any official actions, including those regarding digital assets, through official government sources such as an agency press release, the Federal Register, their official government websites (SEC.gov, Investor.gov, or CFTC.gov), or authorized public statements by the each agency’s leadership. Also, federal government agencies, including the SEC and CFTC, do not endorse or sponsor any particular securities, issuers, products, services, professional credentials, firms, or individuals. Real government officials or staff would never:
Do not trust information provided by someone contacting you with an investment idea when that person claims to be affiliated with any federal government agency, and always be cautious about providing personal information to anyone you do not personally know.
Additional Information
Investor Alert: Beware of Government Impersonators Targeting Fraud Victims (June 2016)
Updated Investor Alert: SEC Warns of Government Impersonators (February 2016)
Updated Investor Alert: Beware of Companies Using the SEC Seal (April 2015)
Report a possible securities fraud.
Visit Investor.gov, the SEC’s website for individual investors.
Receive Investor Alerts and Bulletins from OIEA by email or RSS feed. Follow OIEA on Twitter @SEC_Investor_Ed. Like OIEA on Facebook at facebook.com/secinvestoreducation.
Ask OIEA a question.
The Office of Investor Education and Advocacy has provided this information as a service to investors. It is neither a legal interpretation nor a statement of SEC policy. If you have questions concerning the meaning or application of a particular law or rule, please consult with an attorney who specializes in securities law.
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