The Arizona Corporation Commission is looking to file a securities fraud cease and desist against We Sell Miners LLC and owner Jeremie Sowerby.

The ACC’s Securities Division claims We Sell Miners LLC and Sowerby have violated Arizona’s Securities Act.

As alleged by the ACC’s Securities Division, We Sell Miners LLC and Sowerby (right)

marketed investments in two new cryptocurrency miners, and their respective cryptocurrency tokens, Kannabiz Koin and BlockX.

While I’m not familiar with Kannabiz Koin, BlockX is part of Sowerby’s
My Blockchain Life
and
My BlockX
Ponzi schemes.

The sales pitch was simple, invest in their cryptocurrency mining machines, receive new coins as rewards, and exchange these coins for a large profit.

As it turned out, Respondents overpromised and never delivered, and investors have yet to receive a return on their investment.

Kannabiz Koin’s and My BlockX’s business models were relatively the same.

Kannabiz Koin affiliates invested $7000 in KK Miners, on the promise of passive returns paid out over 1000 days. Returns were paid out on K Koins, a cryptocurrency token Sowerby created.

Sowerby told investors that K Koinz are a tradable cryptocurrency, backed by an established cannabis company in Oklahoma.

Kannabiz Koin’s K Koin returns were supposed to pay out a “guaranteed no-risk” $7000 a month per investment.

Kannabiz Koins pre-launched in November 2021. On December 24th, 2021, Sowerby listed K Koinz on his My BlockX exchange.

This was done so Sowerby could drain “the equivalent of $600,000 in cryptocurrency … from the K Koinz project liquidity pool”.

After the failed December launch, Respondents reassured investors that K Koinz would launch on April 20, 2022.

Additionally, Respondents informed investors that K Koinz had secured celebrity endorsements from Snoop Dogg and Justin Bieber.

K Koinz failed to launch on April 20, 2022.

Despite the second failure to launch, Respondents reassured investors that the K Koinz launch was imminent, this time on June 1, 2022.

Prior to the supposed June 1st launch, Sowerby hosted a Zoom video meeting for KK Miner investors.

Sowerby used the Zoom to pitch his Kannabiz Koin bagholders on My BlockX.

Sowerby spoke at length about his other cryptocurrency mining venture … and how the BlockX token (“BLKX”) value would

soon reach upwards of $10 per BLKX token.

Sowerby went on to encourage KK Miner investors to directly purchase additional K Koinz in anticipation of a skyrocketing price increase after the June 2022, launch.

This time K Koinz did launch on My BlockX. By this stage of course Sowerby had no intention of honoring any cash out requests.

The value of K Koinz was significantly lower than the previously-guaranteed $0.018.

As a result, investors were unable to sell any of the K Koinz mined for them via the KK Miners.

What followed was an attempt to offload Kannabiz Koin’s ROI liabilities onto the aforementioned “established cannabis company in Oklahoma”.

On June

🤖 Quick Answer

Who is Jeremie Sowerby and what are the allegations against him?
Jeremie Sowerby is the owner of We Sell Miners LLC, facing securities fraud charges from the Arizona Corporation Commission. He allegedly marketed fraudulent investments in cryptocurrency miners and tokens, including BlockX and Kannabiz Koin, promising profits from mining rewards while failing to deliver on commitments.

What violations did the ACC's Securities Division claim?
The Arizona Corporation Commission's Securities Division alleges that We Sell Miners LLC and Jeremie Sowerby violated Arizona's Securities Act by marketing cryptocurrency mining machine investments with unfulfilled promises of profit through token exchanges.

What investment scheme was allegedly promoted?
The scheme involved investors purchasing cryptocurrency mining machines, receiving newly minted coins as rewards, and exchanging these coins for substantial profits. However, the promoters overpromised returns without delivering on their claims

🔗 Related Articles

- Bitcoiin’s John DeMarr arrested on securities fraud charge
- BitMobb: Darren Olayan moves Nui Ponzi scheme to Brazil
- CryptoProgram’s Ed Zimbardi under investigation in Georgia
- Rich Net Global Review: 2.5% a day crypto Ponzi
- Vyb website deleted, processor lost & co-owner meltdown