Brothers Scam $60 Million to Live a Life of Luxury

From January 2023 to June 2024, Jonathan and Tanner Adam scammed more than 80 people by advertising a crypto trading bot that could generate 13.5% monthly returns. They claimed that the bot could identify price differences on crypto exchanges and execute trades to make a profit.

However, the SEC discovered that the bot did not exist at all. Instead of investing as promised, the brothers spent most of the investors' money on a lavish lifestyle, including buying cars and building a $30 million apartment.

To stop this Ponzi scheme, the SEC urgently froze the assets of the company they ran, attempted to recover the stolen money, and prepared to impose penalties on the brothers.