TIMOTHY TILTON AYRE (TIMOTHY T. AYRE) of Agawam, Massachusetts had a complaint filed against him by FINRA on September 13, 2018, charging him with securities fraud and unlawful distribution of an unregistered cryptocurrency security called HempCoin. FINRA charged Ayre with the unlawful distribution of an unregistered security because he never registered HempCoin and no exemption to registration applied. This is the first FINRA disciplinary action involving cryptocurrencies.
FINRA alleged from January of 2013 through October of 2016, TIMOTHY T. AYRE attempted to find investors for his public company, Rocky Mountain Ayre, Inc. (RMTN) by issuing and selling HempCoin. Ayre publicized HempCoin as “the first minable coin backed by marketable securities.” FINRA alleges Ayre made fraudulent, statements about RMTN’s business and finances, and failed to disclose his creation and unlawful distribution of HempCoin. FINRA alleges that in June of 2015, Ayre bought the rights to HempCoin and repackaged it as a security which was backed by RMTN common stock.
Allegedly TIMOTHY T. AYRE marketed HempCoin as the first currency in the world to represent equity ownership in a publicly traded company. Ayre allegedly promised investors each coin was equal to 0.10 shares of RMTN common stock. Investors mined more than 81 million HempCoin securities through late 2017. HempCoin was bought and sold on two cryptocurrency exchanges.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, TIMOTHY T. AYRE has been in the securities industry for25 years and has 7 Disclosures on his report. Ayre was listed with 6 firms, the most current listed below:
06/02/2016 - 10/03/2016 FOUR POINTS CAPITAL PARTNERS LLC - NEW YORK, NY
05/29/2013 - 03/18/2016 SPENCER EDWARDS, INC - AGAWAM, MA
01/06/1999 - 05/29/2013 JERA SECURITIES, INC - AGAWAM, MA
If you suffered financial losses due to the actions or recommendations of TIMOTHY T. AYRE and his sale of HempCoin, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationally before FINRA and we operate on a contingency fee basis—no fee if no recovery.
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