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
Worldcoin’s World ID gets bridge to Solana via Wormhole
Ripple CEO Comments on Grayscale's XRP Decision, Shares Prediction!
Ripple CEO Brad Gralinghouse commented on Grayscale's XRP decision.
How Will the FED's Interest Rate Decision Affect Bitcoin (BTC) and Cryptocurrencies? Will It Bring a Rise? Economists Answered!
How will the FED's interest rate decision affect Bitcoin (BTC) and risky assets? Economists answered.