SEC Charges Coin Club Founders for $295 Million Ponzi Scheme
Source: AdobeStock / Andriy Blokhin The US Securities and Exchange Commission (SEC) has filed charges against the founder and three promoters of Trade Coin Club, arguing that they duped investors into sinking money in a fraudulent crypto trading bot. In a Friday announcement, the regulatory body said Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor, and Jonathan Tetreault, who were involved in the crypto project , raised 82,000 BTC (worth around $300 million) from over 100, 000 investors worldwide between 2016 to 2018. The Trade Coin Club founder Braga reportedly deceived investors by telling them they could generate “minimum returns of 0.35% daily” from a “crypto asset trading bot,” but instead used these funds to compensate himself, Paradise, Taylor, and Tetreault. We allege that Braga used Trade Coin Club to steal hundreds of millions from investors around the world and enrich himself by exploiting their interest in inves...