Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»SEC charges founder of online cryptocurrency course for targeting students to invest in non-existent hedge funds
ADOPTION NEWS

SEC charges founder of online cryptocurrency course for targeting students to invest in non-existent hedge funds

By Crypto FlexsFebruary 2, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
SEC charges founder of online cryptocurrency course for targeting students to invest in non-existent hedge funds
Share
Facebook Twitter LinkedIn Pinterest Email

The founder of an online cryptocurrency course said he would generate profits using artificial intelligence to entice students to invest in cryptocurrency hedge funds, according to charges filed by the Securities and Exchange Commission.

The SEC said in a statement Friday that a founder who had been holding investors’ money in Bitcoin lost those funds after his digital wallet was hacked. The agency charged American Bitcoin Academy founder Brian Sewell, 51, and his company Rockwell Capital Management with fraud, reaching a settlement without admitting or denying the charges.

Sewell encouraged students to invest in the Rockwell Fund, a hedge fund that will use AI and cryptocurrency-related trading strategies to generate returns. Sewell received about $1.2 million from 15 students, but ultimately never got the fund started.

“Among other things, he falsely claimed that his investment strategies would be guided by his ‘artificial intelligence’ and ‘machine learning’ technology, which, like the funds themselves, never existed,” said SEC Division Director Gurbir S. Grewal. . “Whether it’s AI, cryptocurrency, DeFi or any other buzzword, the SEC will continue to hold accountable those who claim to be using attention-grabbing technologies to lure and defraud investors.”

To resolve the SEC’s charges, Rockwell Capital Management will pay $1.6 million and Sewell will pay $223,229, according to a statement from the SEC.

Other omissions

The SEC said Sewell emailed students a 16-slide investor presentation deck that contained numerous misstatements and omissions about the fund.

In that presentation material, Sewell said he had degrees in data science from John Hopkins University and Stanford University, but the SEC said this was false.

Sewell also told investors that he previously managed a cryptocurrency hedge fund, growing it from $250,000 to $9 million.

“Sewell’s statements were false. As Sewell well knew, he had no prior experience managing hedge funds,” the SEC said in its complaint.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025
Add A Comment

Comments are closed.

Recent Posts

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Is XRP The Dark Horse Of The Cryptocurrency World? Earn 652 XRP Daily Using Invro Mining’s Smart Contract

September 4, 2025

TRX Was Early, ETH Set The Standard, BNB Built The Scale- Now SYC Brings The Next Evolution

September 4, 2025

Sign Up And Receive $500 Bonus, Ushering In A New Era Of Compliant And Secure Crypto Investment

September 4, 2025

Why experts say that 99%of the traders are wrong

September 4, 2025

ChainUp Named Double Finalist At Thomson Reuters’ ALB Pan-Asian Regulatory Awards 2025

September 4, 2025

Integrated security classes can accelerate the adoption of institutional passwords.

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025
Most Popular

🔥Weekly Altcoin Report: YUP +1,702% (30 days)

February 26, 2024

Defi Surges, BTC Swings & Tradfi faces freezing: Daily encryption failure

August 28, 2025

Ethereum Price Hints for a Downward Correction: Will It Hold Support?

November 14, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.