SEC Charges Trade Coin Club In Ponzi Scheme

Trade Coin Club officials Accused in Ponzi Scheme

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The SEC has filed charges against Trade Coin Club officials for their roles in crypto Ponzi scheme

In a statement, the SEC said Trade Coin Club raised 82,000 in Bitcoin—worth $295 million at the time—from over 100,000 investors worldwide between 2016 to 2018.

The firm promised investors minimum returns of 0.35% daily from a crypto asset trading bot but it wasn’t true—and instead functioned as a Ponzi scheme, the SEC alleged.

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The SEC has filed charges against individuals in Federal Court in Seattle

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Trade Coin Club was a multilevel marketing program operated between 2016 and 2018 that promised profits from a crypto-asset trading bot.

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The SEC said Trade Coin Club officials will face charges for violating federal securities laws

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The SEC’s Office has issued an investor alert on Pyramid Schemes posing as Multi-Level Marketing Programs.

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