Following a cease and desist issued last month, Power Mining Pool’s website was quickly pulled offline.
Power Mining Pool’s admins strung investors along while they quietly executed their exit strategy, after which communication lines went silent.
Now North Carolina has confirmed Power Mining Pool failed to respond to the cease and desist notice, confirming the company’s owners exit-scammed.
This prohibits the company and its owners from continuing to fraudulently offer securities in North Carolina – not that it does the company’s victims any good.
The North Carolina Securities Division reveal that on March 5th they contacted Power Mining Pool’s admin regarding the cease and desist.
Less than 24 hours later Power Mining Pool pulled its website offline.
The public was made aware of the cease and desist on March 6th.
PMP has not requested a hearing or submitted any responsive pleading to the Administrator regarding the Temporary Cease and Desist Order.
As per the original notice and as a result of non-communication by Power Mining Pool, the cease and desist has been made permanent.
By not challenging the notice, the Final Order issued also confirms the company was violating securities law in North Carolina.
This is yet further evidence that cloud mining provided by MLM cryptocurrency companies is a securities offering.
Such companies that aren’t registered with the SEC (which is currently all of them), operate illegally across the US.
Note that if you’re in an MLM cryptocurrency mining company and marketing it, you may also be held liable for promotion of unregistered securities.