SEC Charges Adam Brothers with 60 million Dollar Crypto Ponzi Scheme
2024-08-27 09:33:14
The SEC announced an emergency asset freeze against brothers Jonathan Adam and Tanner Adam and their company for allegedly running a $60 million Ponzi scheme involving more than 80 investors from January 2023 to June 2024.
According to the SEC, the Adam brothers created a fictitious crypto-asset trading "bot" and lending pool that promised monthly returns of up to 13.5%. In fact, they used investors' money to pay for false returns and personal extravagances, including $30 million apartments and luxury cars.
The SEC has filed a lawsuit in court seeking a permanent injunction, recovery of illegal gains and civil fines.
According to the SEC, the Adam brothers created a fictitious crypto-asset trading "bot" and lending pool that promised monthly returns of up to 13.5%. In fact, they used investors' money to pay for false returns and personal extravagances, including $30 million apartments and luxury cars.
The SEC has filed a lawsuit in court seeking a permanent injunction, recovery of illegal gains and civil fines.
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