ICO scam using fake endorsements from Jennifer Aniston and Price Charles is halted

An initial coin offering (ICO) scam, that was using fake endorsements from Jennifer Aniston and other celebrities, has been shut down by the Texas State Securities Board.

The scammers were caught using phony testimonials to fraudulently promote their token sale.

An emergency cease-and-desist order was filed on Wednesday that alleges that those behind the ICO were illegally peddling unregistered securities.

Wind Wide Coin used images of the Friends star alongside photographs of Prince Charles, and former Finnish prime minister Matti Vanhanen to mislead investors.

Accompanying the photo of Jennifer Aniston, conveniently named “Kate Jennifer,” was the following glowing statement about the ICO:

“I invested 4 BTC at Thursday and I received 8 BTC Friday. It’s great to have extra money for weekend shopping — like they say, easy come, easy go. Thank you WindWideCoin.”

Jennifer Aniston ICO Scam Shut Down by Texas Authorities

A virtual playbook of tactics

According to the director of enforcement at the Texas State Securities Board, Joe Rotunda, the scam was “strikingly familiar” to others shut down by the state in recent months, saying:

“Today’s action is a reminder that, step by step and case by case, we’ve been uncovering a virtual playbook of tactics employed by promoters of illegal and fraudulent cryptocurrency investment programs.

“Although their names may change and their products may vary,

“these promoters are employing surprisingly similar schemes.

“They are often promising lucrative returns from sophisticated investments tied to cryptocurrencies, and then manipulating photographs, media, testimonials and other online information to deceive the public into believing their claims.”

Promoting dodgy schemes with fake celebrity endorsements is a common tactic used by fraudsters.

Promoting dodgy schemes with fake celebrity endorsements is a common tactic used by fraudsters.

Oddly, it isn’t the first time a celebrity likeness has been used to promote fraudulent ICOs where the scammers made the bizarre choice to alter the names.

Earlier this year, a token sale was caught conducting an exit scam after investors realized the company had Hollywood actor Ryan Gosling listed as their graphic designer.

This obvious falsity tipped them off to the fact that the rest of the listed team members were also fabricated.