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SEC charges Florida man and company in alleged $22 million crypto mining fraud scheme
The Securities and Exchange Commission has filed partially settled charges against Zan Shaikh and his company for allegedly defrauding investors with a crypto mining scheme. According to a Monday statement, the agency accuses the Florida resident and his company, Mining Automatic, of raising roughly $22 million from more than 380 investors in a fraudulent crypto asset mining scheme. The SEC alleges that between approximately June 2023 and May 2025, Shaikh and Mining Automatic promised investors guaranteed monthly returns from a purported crypto asset mining operation. Its complaint states that the operation was ... (full story)
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From cointelegraph.com | 15 hr ago
The US Securities and Exchange Commission (SEC) has sued crypto mining investment business Mining Automatic and its founder, Zan Shaikh, alleging they raised $22 million from investors while spending only about 13% of the funds on mining operations. Mining Automatic was operated by Massachusetts-based Bright Vision Distribution LLC, which the SEC said ...
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