{"id":36759,"date":"2024-08-27T17:00:13","date_gmt":"2024-08-27T17:00:13","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sec-charges-two-brothers-in-60-million-ponzi-scam\/"},"modified":"2024-08-27T17:00:13","modified_gmt":"2024-08-27T17:00:13","slug":"sec-charges-two-brothers-in-60-million-ponzi-scam","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sec-charges-two-brothers-in-60-million-ponzi-scam\/","title":{"rendered":"SEC charges two brothers in $60 million Ponzi scam"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/sec-charges-brothers-ponzi-scheme-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/sec-charges-brothers-ponzi-scheme-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/sec-charges-brothers-ponzi-scheme-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/sec-charges-brothers-ponzi-scheme-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">The Securities and Exchange Commission filed charges against Jonathan Adam and Tanner Adam over a $60 million Ponzi scheme.<\/span><\/li>\n<li>SEC says it received emergecy relief to freeze the brothers\u2019 assets<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The US Securities and Exchange Commission announced it charged two brothers over a $60 million Ponzi scheme that impacted more than 80 investors in the US.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Per the SEC\u2019s <a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-107\" target=\"_blank\" rel=\"noopener\">press release<\/a> on Aug. 26, Jonathan Adam and Tanner Adam lured investors with a promise of 13.5% return on their investment every month.<\/span><\/p>\n<p>Read more:\u00a0<a href=\"https:\/\/coinjournal.net\/news\/sec-charges-abra-for-offering-unregistered-crypto-securities\/\">SEC charges Abra for offering unregistered crypto securities<\/a><\/p>\n<h2><span style=\"font-weight: 400\">Defendants lied to investors<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The brothers also lied to investors by stating that Jonathan had created a crypto \u201cbot\u201d and that it could identify arbitrage trading opportunities on a crypto trading platform. Other than this, the duo\u2019s project would put investor funds in a lending pool and that \u201cshort of a global market meltdown, investor funds were safe.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">In reality, the project was simply a scam targeted at unsuspecting investors. The <a href=\"https:\/\/coinjournal.net\/news\/tag\/sec\/\">SEC<\/a> also pointed out that Jonathan hid his previous conviction on securities fraud from the investors.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jonathan and Tanner used investor funds to pay alleged monthly returns and splashed millions of dollars on their personal endeavours. These include down payment and instalment on a $30 million condominium in Miami and $480,000 on luxury cars.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On Monday, the SEC announced it had obtained emergency relief allowing it to freeze the two brothers\u2019 assets.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The regulator\u2019s complaint, filed at the US District Court for the Northern District of Georgia, also charged the brothers\u2019 companies GCZ Global and Triten Financial Group over anti-fraud violations of federal securities laws. According to the SEC, the brothers did not object to the asset freeze.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, the agency seeks a permanent injunction against Jonathan and Tanner, as well as disgorgement of all ill-gotten gains and civil penalties.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/sec-charges-two-brothers-in-60-million-ponzi-scam\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) The Securities and Exchange Commission filed charges against Jonathan Adam and Tanner Adam over a $60 million Ponzi scheme. SEC says it received emergecy relief to freeze the brothers\u2019 assets The US Securities and Exchange Commission announced it charged two brothers [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":36760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36759"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=36759"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36759\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/36760"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=36759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=36759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=36759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}