SEC accuses two brothers for ponzi fraud worth $ 60 million

• The Securities and Exchange Commission has charged Jonathan Adam and Tanner Adam because of a $ 60 million ponzi system.
• sec indicates emergency aid to freeze the brothers' assets

The US stock exchange supervision SEC has announced that they have charged two brothers in connection with a Ponzi system worth $ 60 million, more than 80 investors in the USA were affected.

according to the sec pressementaupung Jonathan Adam and Tanner added Investors with the promise of a monthly return of 13.5 percent on their investments.

Read more: SEC files charges against Abra due to the offer of non-registered crypto securities

accused have lied to investors

The brothers also lied to investors by claiming that Jonathan had developed a crypto "bot" that could identify arbitrage trade opportunities on a crypto trading platform. Apart from that, the duo's project would put the investors' funds in a loan pool and "if there was no global market collapse, the funds of the investors are safe."

In reality, the project was only a fraud that aimed at unsuspecting investors. The Sec also pointed out that Jonathan hid his earlier conviction for securities fraud.

Jonathan and Tanner used investor funds to achieve alleged monthly returns and spent millions of dollars for their personal activities. This includes the down payment and the payment in installments for a $ 30 million condominium in Miami and $ 480,000 for luxury cars.

On Monday the SEC announced that it had obtained an emergency measure that allowed her to freeze the assets of the two brothers.

The complaint of the supervisory authority, which was submitted to the US district court for the northern district of Georgia, accused the companies of the brothers, GCZ Global and Trite Financial Group, also violations of Federal Working Act to fight fraud. According to the SEC, the brothers had no objections to the asset lock.

In the meantime, the agency calls for a permanent relief order against Jonathan and Tanner as well as the publication of all the illegally acquired profits and civil law.