The Texas State Securities Board and the Alabama Securities Commission issued simultaneous emergency cease and desist orders to Liquid Gold Trust, Liquidity Card Solution LLC, Liquidity Global Card Solution and Lance Angus Jerrard, for attempting to defraud Texas and Alabama investors and for offering unregistered investments.
The regulators said that the accused falsely claimed that by investing in cryptocurrency debit cards investors could avoid financial stress caused by the COVID-19 pandemic and make money while staying home.
In addition, the two regulators said that Liquid Gold Trust fraudulently offered guaranteed investments it claimed will earn $10,000 per month on its website.