The SEC and Brian Sewell, founder of the American Bitcoin Academy, have reached a settlement over fraud allegations

ChainCatcher news, the SEC has charged 51-year-old Brian Sewell, founder of the American Bitcoin Academy, and his company Rockwell Capital Management with defrauding students of their online cryptocurrency trading course. The defendants claimed that their hedge fund would use complex tools such as artificial intelligence to generate returns, and this fraudulent scheme resulted in a loss of $1.2 million for 15 students.

Brian Sewell and his company Rockwell Capital Management have agreed to settle the fraud charges with the SEC. Rockwell Capital Management will pay $1,602,089, and Sewell will pay $223,229.