Texas Securities Board Calls Investment Firm Claiming Ties to Russian Oil Producers a Ponzi Scheme

The Texas State Securities Board has issued a cease-and-desist order against an online investment entity based in the United Arab Emirates that is, according to the board, operating a Ponzi scheme luring investors to lend digital assets to Russian oil producers.

According to an enforcement action announced Wednesday, the board has ordered BigWhale.io and two individuals, Syed Sameer and Christopher Page, to cease offering securities in Texas that are not registered with the state securities commissioner and that contain “statements that are materially misleading or otherwise likely to deceive the public.” BigWhale, Sameer and Page are all identified in the cease-and-desist order as having mailing addresses in Dubai.