Bobby Gray confirms SEC investigation into TexitCoin
Bobby Gray has confirmed a federal investigation into TexitCoin by the SEC.
Speaking on the latest March 24th “Texit Coin Miner Update” webinar, Gray revealed “something I’ve been keeping a secret for a while now”;
[19:41] Back on February 11th, the same day that the Texas cease and desist dropped, that was actually thing number two that happened that day.
To start my day I got a subpoena from the SEC, asking for all kinds of different stuff relating to TexitCoin.
[20:09] I got [subpoenas] for TexitCoin, MineTXC, Blockchain Mint and myself personally.
Gray goes on to confirm that since his own subpoenas were served, his wife, father, daughter and several TexitCoin insiders and/or promoters have also received SEC subpoenas.
That the SEC is investigating TexitCoin and Gray comes as no surprise. BehindMLM reviewed TexitCoin in September 2025 and, based on our own research, found an obvious unregistered investment scheme (securities fraud).
The Texas State Securities Board issuing a TexitCoin cease and desist in February 2026 further confirmed securities fraud. As it pertains to unregistered investment schemes, materially there is no difference in securities law at the US state and federal levels.
Gray maintains TexitCoin’s unregistered investment scheme, which primarily targeted US consumers, took in $150 million. Whether the DOJ is also investigating TexitCoin and Gray is unknown at this time.
What we do know is Gray, who is currently in Singapore, previously stated he will not voluntarily return to the US until he has confirmed TexitCoin criminal charges are not pending.
Given DOJ investigations are typically non-public, how Gray intends to confirm there are no pending TexitCoin criminal charges is unclear.
Prior to revealing his SEC subpoena on the March 24th webinar, Gray disclosed he has a prior criminal record for “fleeing and eluding”.
Bobby Gray really out here with the “few understand” defense. If he keeps up the “I’m the smartest guy in the room” schtick, we might just have a popcorn worthy case.
Oh and “guaranteed returns” isn’t part of the Howey Test y’all. Neither can securities fraud be undone with pseudo “don’t say this” compliance.
From A Former Gladicoin victim.
TexitCoin appears to be similar to Gladiacoin. There were several individuals who were bringing in others to invest in Gladiacoin back in 2017 to its collapse.
They were taking funds under their own program called “GladiaCoin Extreme” which was a Bitcoin multiplier that they were managing seemingly thru the Gladiacoin program.
I invested 10 BitCoins ($25,000) into the program and within 1 month it was gone due to the Gladicoin collapse. I was told the BitCoins were not retrievable.
The individuals were unresponsive and I could not even confirm that my Bitcoins were ever uploaded to the program. I think they kept them for themselves but cannot confirm this.
My main contact was Kevin Dalton Johnson (Florida), Felice (Phil) Piccolo & other names (Florida) and Joe Reid (Long Island NY).
I did more research on the individuals and found that they were less that trustworthy. I got into Gladiacoin based on someone I trusted who seemed to be a savvy investor, his name is Joe Spallino. Joe Spallino did get reimbursed 3 BitCoins by Joe Reid shortly after the collapse.
These persons have been engaged in a number of other scams since then and they seem to just move on without at least providing some support to their investors. Persons who take in monies should have a responsibility to their investors.
I did go to the police, but was told this is a matter for the DA’s office ,their reply was that the desk is overloaded with these cases. Life took over and I gave up.
I am wondering how Texitcoin became a lawsuit and by which agency.
I have since learned that Phil Piccolo and team has many failed programs. Shame on me for trusting a friend and not doing my own research.
Those 10 BitCoins would be 700k today. We don’t live in a perfect world but its surprising that these guys are not in jail yet.
Your bitcoin is gone. You invested into a Ponzi scheme and this is how Ponzi schemes end.
The TSSB and SEC have cases on TexitCoin. Both have websites on which you can file complaints.
Don’t expect much nine years out but you never know.
Not 2025?
Thanks. Lot of court dates and what not today. Date jumping is hard :(.
You deserve to lose your money. Ignorant and willfully naive at best.
Pool mining is illegal. Anyone with half a brain and the desire to understand what they are getting into can Google it and see the same thing over and over: illegal. There are no gray areas.
It would have taken less effort to verify that Texit mining was, and still is, a complete scam than it took to read this comment.
You cannot even justify it by saying, “If this were anywhere else it would be legal. The U.S. is just out of touch.” The U.S. may be out of touch, but Texit is a scam not because of regulations, but because it is fake.
Liquidity is fake. Mining is fake. Trading is fake. It is all lies.
This is fraud, and it is just the beginning of the storm for that company.
TSSB’s securities fraud cease and desist doesn’t pertain to pool mining in and of itself. What’s illegal is TexitCoin offering an unregistered passive returns investment opportunity to consumers (unregistered securities offering).
TexitCoin’s unregistered securities ruse is pool mining, however the ruse itself doesn’t matter.
Securities fraud is illegal in every country with a regulated financial market. Enforcement however is the difference between the US and “anywhere else”.
Oddly enough all TexitCoin has to do to operate legally in Texas is register it’s passive returns investment scheme. It’s too late at the federal level but registering with the SEC would be a showing of good faith when that Complaint is eventually filed.
Unfortunately that would also require audited financial reports, the primary purpose of which would be to confirm newly invested funds are funding TexitCoin ROI withdrawals.
Instead of that Gray is going with “tHeY jUsT dOn’T uNdErStAnD!” I mean bro is running around claiming TexitCoin is the first MLM investment scheme with a crypto mining ruse not mining bitcoin. Like BehindMLM hasn’t reviewed dozens of those over the years.
Yikes.
On April 4th someone cashed out and TXC dumped from 18 cents to 9 cents.
On April 7th Bobby Gray appeared on a TexitCoin webinar and stated he’d made plenty of money in the scheme. Gray also announced it’d be his last Mon/Tues TexitCoin webinar.
Apparently TexitCoin is going the “pretending Gray doesn’t own it” DAO route. Gray didn’t address the 10 cent dump on the webinar.