The SEC announced emergency asset freezes against the brothers Jonathan and Tanner Adam and their companies GCZ Global LLC and Triten Financial Group as it sought to halt a $60 million dollar Ponzi scheme.
The scheme lured victims with 13.5% monthly investment returns based on the use of a “bot” which could identify opportunities in crypto trading.
As we allege, the Adam brothers promised their investors high returns on a crypto investment that did not exist, and then used investor funds to make Ponzi-like payments and to purchase designer goods, recreational vehicles, and million-dollar homes,” said Justin C. Jeffries, Associate Director of Enforcement in the SEC’s Atlanta Regional Office.
The brothers are charged with violating anti-fraud provisions of the federal securities laws for which the SEC is seeking permanent injunctions, return of ill gotten gains and civil penalties.
By Staff
