The SEC has charged two brothers with running a $60 million crypto Ponzi scheme that included a crypto trading robot that never existed. In an indictment filed on August 26 in the U.S. District Court for the Northern District of Georgia in Atlanta, the SEC alleges that Jonathan Adam and his brother, Tanner Adam, lured more than 80 investors by claiming that the robot would generate a 13.5% return on their monthly returns. From January 2023 to June 2024, the brothers told investors that their bots had spotted arbitrage trading opportunities on the crypto platform and could buy and sell assets simultaneously to take advantage of small differences in prices in different markets, the SEC said. Investors' money was promised to go into a pool of borrowers to fund lightning loans and closing deals, borrowing and returning assets in the same blockchain transaction. Justin Jeffries, deputy director of enforcement at the SEC's Atlanta regional office, said the trading scheme was completely fraudulent and that the bot did not exist. He accused the pair of misusing $53.90 million of the $61.50 million raised. Investors got some returns, but most was squandered by the pair, including buying cars and trucks and building a $30 million apartment. The SEC has frozen the emergency assets of the duo's GCZ Global, LLC and Triten Financial Group LLC. (Cointelegraph)