Press Release - Colorado Securities Commissioner Issues Orders to Show Cause against Two “Imposter” Investment Adviser Companies

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                                                                                        NEWS RELEASE

For Immediate Release

Media Contact:
Annelise Grygiel


Denver — April 11, 2024 — Colorado Securities Commissioner Tung Chan issued separate orders against the following two companies:

  • Joyce Dunbar Management LLC (also doing business as and
  • Fluxia Capital Management (also doing business as Fluxia Group Investment LTD and,

each to show cause as to why a final cease-and-desist order should not be issued against them.

The Division staff allege that the companies are fraudulent and using false statements on their websites to cloak themselves in legitimacy to lure in victims who are seeking investment advisory services. For example, both companies use the address of the Department of Regulatory Agencies (DORA) as the companies’ office addresses. Neither company is actually in the DORA building. Both company websites also include attractive photos of company leaders, the images of which are actually stolen images of unsuspecting strangers.

Joyce Dunbar Management is an active website accessible by Coloradans that claims to have helped "thousands of clients—including over 1200 current families." Consumers can invest in Bitcoin investment plans that offer unrealistic weekly returns of 10%, 15% or 20%. Investigators found that Dunbar isn't a licensed investment adviser, as stated on The broker check listing on the website is falsified, as is the Colorado Secretary of State ID number.

Fluxia Capital Management LTD's website is active and accessible in Colorado and touts Fluxia’s Firefly Trading System as a "robust super trading system" with global data centers when in fact there is no evidence of any such trading system. They claim they were registered in Colorado, but they are not.

"Fraudsters using websites to impersonate legitimate investment advisers need to be stopped from victimizing Coloradans," said Commissioner Chan. "If you’ve interacted with either of these companies or have been scammed by imposter investment advisory firms, contact the Securities Division right away."

Division Contact: Email or call 303-894-2320. Visit our website at for more information.

The respondents have until April 29, 2024, to show cause as to why Commissioner Chan shouldn't file final cease and desist orders against them for unlicensed investment adviser activity in Colorado.

About DORA and the Division of Securities

DORA is the state's umbrella regulatory agency, charged with managing licensing and registration for multiple professions and businesses, implementing balanced regulation for Colorado industries and protecting consumers. Our nearly 600 employees are dedicated to preserving the integrity of the marketplace and promoting a fair and competitive business environment throughout Colorado.

The Division of Securities exists to protect investors and maintain confidence in the securities market, while avoiding unreasonable burdens on the marketplace by licensing securities professionals, enforcing securities law violations and helping Coloradans become more informed investors. Visit to learn more.