Wiseman Talent Ventures under investigation by CMA over Fraud

The Capital Markets Authority is investigating suspected fraud activities by Wiseman Talent Ventures which is raising money from the public through issuance of crypto currency known as Kenicoin.

According to a statement by CMA, Kencoin’s marketed trading value of 52,000 shillings poses substantive information irregularities, liquidity and fraud risks.

The wave of cryptocurrency only subsided recently when their value plummeted heavily dampening the mood of would be investors.

According to the CMA in the past one year the price of Bitcoin has fallen to 388,620 shillings down from 2 million shillings.

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According to the firm’s website, 10 million digital coins are up for supply in the initial coin offering each valued at 100 shillings with a guaranteed return of 10%.

CMA Chief Executive Officer Paul Muthaura says, “The Authority is currently investigating the operations of Wiseman Talent Ventures.

We have noted discrepancies in the information provided on the firm’s website and information given to the Authority during interviews of Wiseman Talent Ventures leadership in relation to the total number of Kenicoin sold and the total funds raised”.

However Wiseman Talent Ventures founder Aron Kiriba was not available immediately to respond to the allegations.

Wiseman claims  that the initial Coin Offering has so far raised roughly 25 million shillings from half a million coins to 2057 registered users.

Muthaura adds at that, “It is important for the general public to note that the nature and features of the Capital Raising and Coins Trading promoted by Wiseman Talent Ventures is taking the form of Regulated activities which have not yet been approved by the Authority”

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