<p><span style="font-weight: 400;">On Oct. 1, 2020, Abuchi Okoye and his company, Coininvest, received a cease-and-desist letter from the Arizona Corporation Commission that ordered him to stop offering and selling investments in cryptocurrency. </span></p> <p><span style="font-weight: 400;">The Commission’s Security Division alleges that Okoye and Coinvest solicited investors to buy cryptocurrency investments through a pirated website and social media account. The company appears to be located in Phoenix, Arizona, but it’s actually managed by an Arizona resident with no connection with Coininvest or Okoye, according to a </span><a href="https://azcc.gov/news/2020/10/02/commission-orders-halt-to-phony-cryptocurrency-investment-and-promoter-posing-as-an-arizona-registered-securities-dealer"><span style="font-weight: 400;">statement</span></a><span style="font-weight: 400;"> published on Oct. 2. </span></p> <p><span style="font-weight: 400;">The Commission’s Securities Division maintains that Coinvest stole the identity of an Arizona registered securities dealer and misrepresents their imposter website, Arcadia-Capital.net, as being a registered dealer. </span></p> <p><span style="font-weight: 400;">“As with any investment,” </span><a href="https://azcc.gov/news/2020/10/02/commission-orders-halt-to-phony-cryptocurrency-investment-and-promoter-posing-as-an-arizona-registered-securities-dealer"><span style="font-weight: 400;">writes</span></a><span style="font-weight: 400;"> the AZCC, “if a promoter guarantees returns, if an opportunity sounds too good to be true, or if you are pressured to act quickly, please exercise extreme caution and be aware of the risk that your investment funds may be lost.”</span></p> <p><span style="font-weight: 400;">Okoye and Coininvest are entitled to a hearing to answer claims held against them, according to the statement. </span></p>