FINRA Charges Timothy Ayre with Fraud In Connection to Cryptocurrency HempCoin

Timothy AyrePublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on September 11, 2018 indicate that FINRA has charged Timothy Ayre with securities fraud and “the unlawful distribution of an unregistered cryptocurrency security” known as HempCoin. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Ayre and/or investments in HempCoin.

Timothy Ayre has spent 25 years in the securities industry and was most recently registered as a broker with Four Points Capital Partners in New York, New York (2016). Previous registrations include Spencer Edwards in Agawam, Massachusetts (2016); Jera Securities in Agawam, Massachusetts (1999-2013); Northeast Securities in Mitchelfield, New York (1997-1999); AG Edwards & Sons in St. Louis, Missouri (1994-1997); and Merrill Lynch in New York, New York (1990-1994). He is currently not registered with any state or firm. According to his BrokerCheck report, Timothy he has received three regulatory sanctions and was discharged from a former employer in connection to alleged rule violations.

In 2016 he was terminated from MML Investors Services in connection to allegations he failed to disclose outside business activities, failed to disclose his participation in private securities transactions, and potentially misrepresented material facts regarding “a statement concerning securitization of assets” by a public company in which he served as president.

According to FINRA’s complaint regarding HempCoin, Mr. Ayre “attempted to lure public investment in his worthless public company, Rocky Mountain Ayre,” from January 2013 until October 2016, by issuing and selling what he called HempCoin, and by issuing “fraudulent, positive statements” about the company. Mr. Ayre allegedly purchased the rights to HempCoin in 2015, and “repackaged” the cryptocurrency as a “security backed by RMTN common stock.” He promoted it as “the world’s first currency to represent equity ownership” in a publicly traded company; he allegedly told investors that one HempCoin was worth 0.1 shares in Rocky Mountain Ayre common stock. According to FINRA, “Investors mined more than 81 million HempCoin securities through late 2017 and bought and sold the security on two cryptocurrency exchanges.” In connection with these activities, FINRA has charged Mr. Ayre with the unlawful distribution of an unregistered security, alleging that he failed to register HempCoin and that it was not subject to any registration exemption.

FINRA’s complaint additionally alleges that Mr. Ayre defrauded investors in Rocky Mountain Ayre from January 2013 until October 2016 by “making materially false statements and omissions” concerning the business, failing to disclose that he had created and unlawfully distributed HempCoin, and making false and misleading statements in the company’s financial records. He has been charged with violations of the Securities Exchange Act of 1934 and the Securities Act of 1933, as well as FINRA Rules, including FINRA Rules 2020 and 2010.

If you or someone you know has complaints regarding Timothy Ayre, Rocky Mountain Ayre, or HempCoin, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.