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The U.S. Securities and Exchange Commission (SEC) has announced an emergency asset freeze for Jonathan and Tanner Adam, as well as their companies GCZ Global and Triten Financial Group, due to suspected major cryptocurrency fraud.
The SEC lawsuit alleges that between January 2023 and June 2024, brothers Jonathan and Tanner Adam conducted fraudulent activities and lured inexperienced crypto investors with promises of monthly investment returns of up to 13.5%.
According to the complaint of the deceived investors, the criminal duo claimed that Jonathan Adam created a "unique crypto bot" that identified arbitrage trading opportunities on leading digital asset trading platforms. The defendants promised that investors' funds would be used in a lending pool that would use smart contracts to fund "instant loans" to complete arbitrage transactions.
The SEC claims that nothing claimed by the Adam brothers actually existed. Instead, the defendants used millions of dollars of investor funds in a Ponzi scheme to pay fictitious profits to old investors at the expense of new ones, as well as to lead a lavish lifestyle.
The US regulator demands a permanent injunction on the activities of the Adam brothers, the blocking of all their assets, as well as the return of illegally obtained income with interest until a court decision and civil sanctions against the defendants.
The SEC lawsuit alleges that between January 2023 and June 2024, brothers Jonathan and Tanner Adam conducted fraudulent activities and lured inexperienced crypto investors with promises of monthly investment returns of up to 13.5%.
According to the complaint of the deceived investors, the criminal duo claimed that Jonathan Adam created a "unique crypto bot" that identified arbitrage trading opportunities on leading digital asset trading platforms. The defendants promised that investors' funds would be used in a lending pool that would use smart contracts to fund "instant loans" to complete arbitrage transactions.
The SEC claims that nothing claimed by the Adam brothers actually existed. Instead, the defendants used millions of dollars of investor funds in a Ponzi scheme to pay fictitious profits to old investors at the expense of new ones, as well as to lead a lavish lifestyle.
The US regulator demands a permanent injunction on the activities of the Adam brothers, the blocking of all their assets, as well as the return of illegally obtained income with interest until a court decision and civil sanctions against the defendants.
