SEC Triumphs Over Genuine Fraud?

posted  3 Feb 2024
Photo - SEC Triumphs Over Genuine Fraud?
The Securities and Exchange Commission (SEC) has issued a press release targeting Brian Sewell, founder of Rockwell Capital Management. Sewell reportedly encouraged hundreds of online students to invest in his fund, claiming it employed cutting-edge AI-based crypto trading strategies.

Brian reportedly collected $1.2 million from 15 students, but the SEC alleges he did not deliver on his promises. Furthermore, the complaint suggests the Bitcoin funds were later stolen from Sewell's wallet.

To mitigate further legal consequences, Rockwell Capital Management has consented to return the $1.2 million with added interest, while Sewell is to pay a civil fine of over $223,000. This agreement awaits judicial confirmation.