Securities Commissioner Warns Mongolian Victims of Advance Fee And Imposter Scheme

Feb 17

The Texas State Securities Board is warning against an advance fee fraud and imposter scheme perpetrated by parties pretending to be the Texas State Securities Board.  The scam is targeting victims of cryptocurrency fraud residing in Mongolia, falsely claiming the agency will compensate them for cryptocurrency losses. 
In furtherance of this scheme, the perpetrators are using forged documents to create the false appearance the Texas State Securities Board is compensating victims of a cryptocurrency scam. These forged documents include a forged Request for Cryptocurrency for Certain Persons Registered (fake agency Form 133.36) and Refund Request by an Amazon store or a FT group (fake agency Form 133.22) that bear the seal of the State of Texas and the agency’s mailing address.   The perpetrators are also using screenshots of the agency’s website and spoofing the agency’s email.   
No part of the scheme has compromised or otherwise exposed the network or internal systems of the Texas State Securities Board. The agency became aware of the scheme when victims began reaching out to inquire about the status of the payments promised by the perpetrators.

“Bad actors can use various techniques to modify records readily available on the internet.  They can change the content, add text, remove images and take other steps to forge content,” said Securities Commissioner Travis J. Iles.  “They can even generate phony documents that create the false appearance they are government, regulatory and law enforcement agencies.” Commissioner Iles added that investors should conduct due diligence and exercise caution before sending money through online means.
The scammers are telling victims in Mongolia they need to pay a “consent fee” of $150.00 to successfully register their request for reimbursement. The perpetrators are directing victims to pay the consent fee in Tether (USDT), an asset-backed stablecoin, through wallet addresses that interface with both the Ethereum Blockchain and the TRON Protocol. 

Investors should not respond to the fraudulent solicitations or send USDT to the perpetrators. They should consider reaching out to authorities in Mongolia, such as the Mongolian Financial Regulatory Commission ( or the Mongolian National Police Agency (
CONTACT:  Joe Rotunda, Director of Enforcement, at