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U.S. SEC Seeks $1.8M Settlement for Fraud Crypto Trading Course

Published 02/04/2024, 11:32 PM
Updated 02/04/2024, 11:45 PM
U.S. SEC Seeks $1.8M Settlement for Fraud Crypto Trading Course
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  • SEC settles charges with Brian Sewell and Rockwell Capital Management.

  • It involved an alleged crypto trading scheme targeting students of the American Bitcoin Academy.

  • The defendants agree to settlement terms, with penalties totaling $1.8 million.

The U.S. Securities and Exchange Commission (SEC) has announced a settlement with alleged fraud entities Brian Sewell and Rockwell Capital Management. The settlement resolves charges from a scheme that preyed on students enrolled in Sewell’s online crypto trading course, “the American Bitcoin Academy.”

The SEC alleges that Sewell orchestrated a deceptive scheme from early 2018 to mid-2019. He purportedly encouraged hundreds of online students to invest in the Rockwell Fund. This was a hedge fund supposedly leveraging advanced technologies such as artificial intelligence and crypto asset trading strategies for profit.

However, the complaint reveals that Sewell failed to launch the fund or execute the promised trading strategies. Instead, he retained approximately $1.2 million from 15 students, storing the funds in Bitcoin. Tragically, the Bitcoin w…

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