Maine customers of a cryptocurrency trader will receive a small settlement for unlicensed transactions made in the state, and may receive a larger payout.
The settlement comes as part of a multistate action by the Maine Consumer Credit Protection Bureau and financial regulatory agencies in 24 other states against Plutus Financial Inc., Abra Trading LLC, Plutus Financial Holdings Inc., Plutus Lending LLC and the William Barhydt Companies, CEO and largest equity owner.
A multi-state investigation found that Barhydt and his companies, collectively called “Abra,” operated a mobile application to buy, sell, trade and invest in cryptocurrencies without the required state licenses.
