Texas Securities Commissioner Travis J. Iles has entered an Emergency Cease and Desist Order to stop a fraudulent investment scheme promoted through Reddit.

The order targets Cryptobase, also known as Crypt-Base, and Aaron Maxwell. It alleges that Maxwell is soliciting persons participating in r/stocks, a forum of Reddit generally referred to as a subreddit, dedicated to the discussion of stocks. According to the order, Maxwell is sending private messages to these users, offering them the opportunity to participate in a Forex trading program through Cryptobase.

The parties claim the Forex trading program generates lucrative returns paid on a weekly or monthly basis. Maxwell is telling users the investments are guaranteed, and investors will receive up to 500% on a weekly basis. These statements are fraudulent, according to the order.

Cryptobase and Maxwell are not registered with the Securities Board, and the investments in the forex trading program are not registered with the Securities Commissioner.

This order adds to a recent wave of actions Texan authorities have taken against investment scammers. Last week, Texas Securities Commissioner Travis J. Iles announced a series of enforcement actions against 15 online investment scammers, including entities active in the FX, cryptocurrency and binary options segments.