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The U.S. Securities and Exchange Commission has brought charges against two brothers for running a $60 million Ponzi scheme.
Between January 2023 and June 2024, the two misled investors by claiming their bot could identify arbitrage opportunities across different platforms. They promised that investor funds would be placed in a lending pool to financeHowever, according to Justin Jeffries, Associate Director of Enforcement at the SEC’s Atlanta Regional Office, the bot was entirely fictitious. Instead of trading, the siblings allegedly squandered $53.9 million of the $61.5 million raised.
To stop the scheme, the SEC secured emergency asset freezes for the brothers’ companies, GCZ Global LLC and Triten Financial Group LLC.
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