SEC charges Trade Coin Club organisers over $295 million fraud

The U.S. Securities and Exchange Commission (SEC) has charged four organizers of the Trade Coin Club cryptocurrency pyramid scheme.

We charged Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor, and Jonathan Tetreault for their roles in Trade Coin Club, a $295 million fraudulent crypto Ponzi scheme.

— U.S. Securities and Exchange Commission (@SECGov) November 4, 2022

According to the SEC, Trade Coin Club raised 82,000 BTC totaling $295 million from more than 100,000 investors worldwide between 2016 and 2018.

According to the indictment, the company promised investors a minimum daily return of 0.35%, allegedly provided by a bot trading cryptocurrency assets.

The SEC contends that Trade Coin Club defrauded investors and operated as a Ponzi scheme.

Charges of misappropriating bitcoin funds were brought against Douver Torres Braga ($55 million), Joff Paradise ($1.4 million), Keleionalani Akana Taylor ($2.6 million) and Jonathan Tetreault ($625,000).

Earlier in October, the Brazilian police uncovered a crypto pyramid worth €780 million.

Earlier, the SEC accused eleven people of creating and promoting the Forsage Ponzi scheme, which attracted more than $300 million from investors worldwide.

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