The Texas State Securities Board has embarked on a campaign against crypto-currency Ponzi schemes in the Lone Star State.

The regulator's latest target is Wind Wide Coin, which allegedly issued misleading endorsements from members of the Royal family, other celebrities, and politicians. The promise it made on its now-closed website of “Bitcoin and Ethereum trading professionals” using an “automatic trading bot” to offer “a highly profitable investment for everyone” fell by the wayside when the regulator attacked it for running an unregulated business.

The regulator argues in its order that the investments in Wind Wide Coin's so-called crypto-currency trading programme are 'securities' as that term is defined in s4A Securities Act. Wind Wide Coin's owners are, it alleges, breaking s7 by offering securities for sale in Texas at a time when they are not registered by the Securities Commissioner. They should also have been registered for another purpose under s12. The regulator issued the order itself under s23-2. Any knowing violation of such an order by the regulator is a criminal offence punishable by a fine of not more than US$5,000 or a maximum of two years' imprisonment. Manager Charles Roman and salesmen Fred Andrew and John Anny are mentioned in the order.

In February, the regulator accused some companies, including LeadInvest and BTCRUSH, of doing similar.