Olympia – The Washington State Department of Financial Institutions Securities Division entered a Summary Order to Cease and Desist against TradeMining, Inc., aka Trademining.io, and CEO Devon T. Shigaki, alleging the newly incorporated business conducted illegal solicitation of investors to purchase unregistered securities in the form of licenses to the Infinity Trade Engine, which purportedly trades in cryptocurrency.
“This man has a history of repeatedly not doing the right thing,” DFI Director of Securities Bill Beatty said, adding that a joint investigation with the Texas State Securities Board, indicated Shigaki neglected to reveal to investors previous liens, civil judgements and criminal convictions entered against him.
The joint investigation brought to light financial obligations and criminal pleadings not shared with investors, including federal tax liens totaling more than $83,000 more than $13,000 in unpaid child support and a civil judgement of more than $3 million entered against Shigaki for defrauding a former business partner and sabotaging a third party’s business. Shigaki also pleaded guilty – twice - to burglary in the second degree, and once to violating the Uniform Controlled Substances Act for illegally manufacturing THC.
Problems also were found with what was revealed to investors about Shigaki’s new Bellevue business, TradeMining, Inc. - incorporated June 22, 2020. The investigation revealed a failure to disclose information related to the ownership of Infinity Trade Engine, which purportedly uses mathematics to trade cryptocurrency, whether TradeMining, Inc. has an ownership interest in Infinity Trade Engine and information related to the function of Infinity Trade Engine related to security and investor protection
“Investigate before you invest,” Beatty advises. “This man and this company are precisely why we tell investors to verify the company, the seller and the investment, before committing a penny to any new investment opportunity.”
"When we see the potential for investors being harmed by bad actors who are ignoring Washington's securities laws designed to prevent fraud, we will take immediate action," DFI Director Charlie Clark said, "Consumer and investor protection is our highest priority."
Shigaki and TradeMining, Inc. are not registered to sell securities in Washington or Texas. The investments tied to Infinity Trade Engine have not been registered for sale in Washington or Texas. Shigaki and TradeMining, Inc. also are illegally recruiting resellers – salespersons to market the investments tied to Infinity Trade Engine – claiming the resale program is a legitimate business for risk-averse and budget-conscious entrepreneurs.
In addition to ceasing all unlawful activities, DFI is also seeking a fine of $10,000 from Trademining, Inc., aka Trademining.io and Shigaki.
Shigaki and TradeMining have the right to challenge the Texas and Washington orders.