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.
SEC Charges Adam Brothers with 60 million Dollar Crypto Ponzi Scheme
2024-08-27 01:33:14
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
