SEC Charges Two Brothers in $60 Million Ponzi Scam

The U.S. Securities and Exchange Commission (SEC) has accused brothers Jonathan and Tanner Adam of attempting to defraud more than 80 investors in a $60 million Ponzi scheme.

The SEC ordered “the freezing of assets of Jonathan Adam, a Texas resident, and his brother Tanner Adam, a Florida resident, and of GCZ Global LLC and Triten Financial Group LLC, which are associated with the brothers.”

Between January 2023 and June 2024, the brothers allegedly lured investors with promises of monthly returns of up to 13.5 percent. According to the complaint, the duo told investors that Jonathan Adam had developed a “bot” that ran on a crypto asset trading platform and could identify arbitrage trading opportunities.

The SEC also alleges that Tanner Adam used the funds to build a $30 million condominium in Miami, while Jonathan Adam used at least $480,000 in investor funds to buy a mobile home. Jonathan also reportedly failed to tell investors that he had three previous convictions for securities fraud.

The SEC is seeking “permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and imposition of civil penalties” against the brothers.