Another day, another SEC digital assets-related lawsuit.

Today, Wall Street’s top regulator announced that a U.S. crypto entrepreneur has agreed to settle fraud charges for an online course he promoted called “American Bitcoin Academy.”

The SEC (Securities and Exchange Commission) on Friday alleged that Brian Sewell and his company, Rockwell Capital Management, had targeted students to invest in an AI-powered crypto hedge fund so they could make lots of money.

But after receiving $1.2 million from 15 students in the allegedly fraudulent scheme, 51-year-old Sewell and his company held onto the cash in the form of Bitcoin (BTC) and never launched the fund.

Later, according to the SEC, the BTC was eventually stolen in a hack—with all the invested cash disappearing.

The complaint alleged that Sewell “converted and held investors’ funds in Bitcoin, and then he lost it all when the crypto asset wallet he used to hold those assets was hacked and looted.”

“Sewell concealed the

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Author: Mathew Di Salvo

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