**SEC Charges Brothers in $60M Crypto Ponzi Scheme**

The SEC has charged Jonathan and Tanner Adam for allegedly running a $60 million crypto Ponzi scheme. The brothers claimed to operate a non-existent crypto trading bot promising 13.5% monthly returns. From January 2023 to June 2024, they lured over 80 investors, promising their funds would go into a lending pool for flash loans and trades.

Instead, the SEC says they misused $53.9 million on luxury items, including cars and a $30 million condo. The SEC has frozen their assets and is seeking permanent injunctions and civil penalties. Jonathan Adam also failed to disclose previous securities fraud convictions.