According to the U.S. SEC, Brian Sewell allegedly never launched the crypto hedge fund that promised to use AI and other strategies for maximizing returns.

A crypto exchanging course teacher is having to deal with penalties from the US protections controller for misdirecting 15 understudies into putting a consolidated $1.2 million in a mutual funds that vowed to produce worthwhile returns. He allegedly took the funds without ever launching the investment fund, even though he claimed to be using cutting-edge technology.

From the beginning of 2018 to the middle of 2019, Rockwell Capital Management founder Brian Sewell, according to a recent statement released by the U.S. Securities and Exchange Commission (SEC), allegedly encouraged investors to invest in a nonexistent hedge fund:

“The complaint alleges that Sewell, who lived in Hurricane, Utah, prior to moving to Puerto Rico, received approximately $1.2 million from 15 students, but neither launched the fund nor implemented the trading strategies he advertised to investors,” according to the complaint.
Sewell purportedly vowed to utilize man-made brainpower (computer based intelligence) and AI innovation to amplify financial backer returns. Notwithstanding, he left his understudy’s assets stopped in Bitcoin BTC and at last, his crypto wallet was hacked, prompting the deficiency of their whole venture.

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According to the statement, the complaint further asserts that the bitcoin was ultimately stolen when Sewell’s digital wallet was hacked.

The SEC declared its intention to take action against those who take advantage of the hype surrounding the crypto industry in a more general warning to con artists.

“Whether it’s computer based intelligence, crypto, DeFi or another popular expression, the SEC will keep on considering responsible the individuals who guarantee to utilize eye catching advancements to draw in and cheat financial backers,” the SEC further noted.

Rockwell Capital Management has agreed to pay investors back $1.2 million and approximately $402,000 in prejudgment interest.

On the off chance that the court supports the settlement, Sewell himself will suffer a common consequence of $223,229.

This comes after the Commodities and Futures Trading Commission (CFTC), another U.S. regulator, advised crypto investors seeking significant returns in 2024 to avoid being lured by AI trading bots’ exaggerated promises.

Using bots, trade signal algorithms, crypto-asset arbitrage algorithms, and other AI-assisted technology, the CFTC highlighted those promising impressive yields.