The SEC has accused the two brothers of using investor money to fund lavish lifestyles, including the purchase of cars and a multimillion-dollar condominium.
The United States Securities and Exchange Commission (SEC) has charged two brothers for allegedly operating a $60 million crypto Ponzi scheme featuring a crypto trading bot that never existed.
In the Aug. 26 complaint, filed in the United States District Court for the Northern District of Georgia, Atlanta, the SEC claims Jonathan Adam and his brother, Tanner Adam, lured in over 80 people by claiming to operate a crypto bot that could net investors 13.5% monthly returns.
Ponzi schemes are reliant on recruiting more investors to fund the older ones. Source: Cointelegraph
