Posted 2/2/2024, 9:49:52 PM
SEC Charges Crypto Entrepreneur With Defrauding Students Out of $1.2 Million in Fake AI Hedge Fund Scheme
- SEC alleges crypto entrepreneur Brian Sewell defrauded students out of $1.2M through his "American Bitcoin Academy" course
- Sewell promoted a fake AI-powered crypto hedge fund and collected money from 15 students but never launched the fund
- The $1.2M in Bitcoin from students was eventually stolen in a hack, according to the SEC
- Sewell settled the fraud charges without admitting or denying the allegations
- SEC enforcement director warns they will continue holding accountable those who use "buzzwords" like crypto and AI to attract and defraud investors