SEC charges Adam brothers with $60 million crypto Ponzi scheme
The US SEC has announced an emergency asset freeze against brothers Jonathan Adam and Tanner Adam and their company, accusing them of committing a $60 million Ponzi scheme from January 2023 to June 2024, involving over 80 investors.
The SEC said that the Adam brothers fabricated a cryptocurrency trading "robot" and lending pool, promising up to 13.5% monthly returns. In reality, they used investors' funds to pay false returns and personal luxury expenses, including purchasing $30 million worth of apartments and luxury cars.
The SEC has filed a lawsuit seeking permanent injunctions, the recovery of illegal gains, and civil fines.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Gensler Warned of Crypto Crash Week Before Paul Atkins Sworn In as SEC Chair
The majority of crypto tokens out there are likely heading for collapse, arguing that they hold “no intrinsic value.”
3 Altcoins With Bullish Patterns Set to Trigger Explosive Moves
SEC will not refile $1 billion fraud case against Richard Heart
PUMP fell 41% in 24 hours
Trending news
MoreCrypto prices
More
