SEC suspends fraud suspected cryptocurrency fund

The US Securities and Exchange Commission (SEC) announced the suspension of the allegedly fraudulenta cryptocurrency fund launched by two brothers from Pennsylvania.

According to SEC statement, Sean and Shane are takenHvidzak (Sean and Sean Hvizdzak) launched three digital asset investment companies. The organizers of the fund attracted investors with promises of gigantic profits - according to their statements, only in the IV quarter of 2019, the profit was 100%, and for the I quarter of 2020 they achieved a profit of 90%.

According to the SEC, the Hvidzaki brothers operated on threeorganizations: Hvizdzak Capital Management (HCM) and High Street Capital (HSC), as well as High Street Capital Fund USA. At the same time, the organizers of the scheme transferred $ 26 million to their own accounts from HCM, with a total investment of $ 31 million.

A lawsuit has already been filed against the brothers, according to whichthey used personal accounts on the Gemini exchange to transfer dollars into digital assets and then distribute funds among “various custodial services and trading platforms, including outside the US”.

In early June, the SEC sued three organizers of a cryptocurrency fraudulent scheme called the Modern Money Team (MMT).

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