SEC Takes Action: Freezes Assets of Crypto Trading Bot Operators in Fraud Case
The SEC has frozen the assets of Jonathan and Tanner Adam, accusing them of running a $60 million Ponzi scheme disguised as a crypto trading bot.
The Adams allegedly defrauded over 80 investors with promises of high returns. Using the funds for personal luxuries rather than investment purposes. The SEC seeks permanent injunctions, disgorgement of ill-gotten gains, and civil penalties against the brothers for violating securities laws. The complaint reveals that Tanner Adam used investor money to buy a $30 million condo. While Jonathan Adam spent $480,000 on vehicles.
Clever Robot News Desk 29th August 2024
