Krutika Adani
The SEC has charged two siblings, Jonathan and Tanner Adam, for a $60 million crypto scam.
The accused had promised investors a guaranteed 13.5% monthly return if they invested in their scheme.
Jonathan, the elder brother, has already been charged thrice with financial fraud in the past.
The brothers' use of high returns and guaranteed income is one of the most commonly used and classic examples of Ponzi schemes.
To avoid falling into financial frauds and Ponzi schemes, it is essential to know that nothing like guaranteed returns exists. Further, scammers always lure new investors by promising higher than the market returns.