$60M Ponzi Scheme Exposed
The SEC has charged brothers Jonathan and Tanner Adam for attempt to defraud over 80 investors in a $60 million Ponzi scheme acting via a crypto platform.
The companies involved are GCZ Global, LLC and Triten Financial Group LLC.
The complain alleges that they promoted a non-existent arbitrage bot to investors, promising up to 13.5% monthly returns, violating antifraud provisions of the federal securities laws.
Allegedly, Tanner built a $30M condominium in Miami, and Jonathan bouth recreational vehicles worth at least $480k. Jonathan had previously been convicted of 3 counts of securities fraud, which investors were not informed about.
The SEC is seeking "permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties".
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