Beware of Cryptocurrency Frauds

Beware of Cryptocurrency Frauds

Beware of Cryptocurrency Frauds

Does it seem like a new cryptocurrency is born each day?

Digital coins are popping up continuously, with each hoping to be the next Bitcoin. While most cryptocurrencies will likely never reach the value of Bitcoin, some of them have no intention to. That’s because scammers are becoming more prevalent all the time in the cryptocurrency market.
If you haven’t been paying attention, several agencies are starting to sound alarms. According to recent reports, The U.S. Commodity Futures Trading Commission (CFTC) has joined other regulators to warn traders about “pump-and-dump” cryptocurrency investing schemes.
The CFTC recently stated that, “Customers should not purchase virtual currencies, digital coins, or tokens based on social media tips or sudden price spikes.” The agency strongly encourages investors to, “Thoroughly research virtual currencies, digital coins, tokens, and the companies or entities behind them in order to separate hype.”
This is a very similar warning that regulators give to those who invest in penny stocks. These companies build up a lot of hype and advertise their cheap stocks, which helps inflate the price. Then it all comes crashing down as the fraudsters dump the stock at the last minute after they reach a specific price. Investors are left with nothing.
This is the same game that many scammers are utilizing with cryptocurrency. Therefore, let the buyer beware. Make sure you know that the digital currency you’re considering, is legit, as well as your transaction. Otherwise, you could get burned.

We hope you found this article about “Beware of Cryptocurrency Frauds” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe to our YouTube Channel for more updates.

Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in
How to Identify and Utilize Your Core Competencies

Small Businesses, Bite a Chunk Out of Your Taxes!

Small Businesses, Bite a Chunk Out of Your Taxes! A tax savvy entrepreneur like yourself probably knows that maximizing your deductible business expenses lowers your taxable profit. After all it is how much money you have left in your pocket that sometimes matter. Here are some deductions which may help you take a bite out…

Tax Strategies for the Wealthy: Qualified Personal Residence Trust (QPRT)

Tax Strategies for the Wealthy: Qualified Personal Residence Trust (QPRT) Wealth management is an important issue for those with substantial assets to protect. Many people incorrectly assume that their estates will escape federal estate tax as a result of underestimating what their principal residence will be worth when they die. Often, our homes are our…

Making Your Medical Deductions Count

Making Your Medical Deductions Count

Making Your Medical Deductions Count April 15th is almost here and if you are owing tax it may pay to take a second look at that return to see if you claimed all medical deductions you are entitled to.  Your diligence in keeping track of expenses will pay off.  IRS Publication 502 has a complete listing…

GROCO Warns of Common Tax Filing Mistakes

GROCO Warns of Common Tax Filing Mistakes

GROCO Warns of Common Tax Filing Mistakes Tax return anxiety is on the rise as the federal tax filing date looms. The prospect of filing an erroneous return increases as more rely on tax software to help prepare their returns. For the week ending March 28, more than 10,000 electronic returns were filed from home…