SEC Files Charges Against Organizers of $60M Crypto Ponzi Scheme

The SEC has charged brothers Jonathan and Tanner Adam with trying to defraud more than 80 investors through a $60 million Ponzi scheme involving a crypto asset trading platform.

The regulatory body also obtained emergency asset freezes against the brothers and their respective entities, GCZ Global LLC and Triten Financial Group LLC.

According to the complaint, between January 2023 and June 2024, the brothers promised investors up to 13.5 percent monthly returns.

They allegedly claimed that Jonathan had developed a bot that could identify arbitrage trading opportunities on a crypto asset trading platform.

The SEC also alleges that Tanner used the funds to build a $30 million condominium in Miami and that Jonathan used over $480,000 to buy recreational vehicles, without disclosing these activities to investors.