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SEC Brings Enforcement Action Against Alleged $6.9M Ponzi Scheme
Shawn Cutting allegedly claimed to be an experienced financial adviser to raise funds from over 450 investors.
The U.S. Securities and Exchange Commission (SEC) has brought emergency enforcement action against an Idaho man who allegedly raised $6.9 million for a fraudulent digital asset investment pool.
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- According to a document filed March 5, since October 2017 defendant Shawn Cutting represented himself as an experienced financial adviser to raise funds from over 450 investors.
- Having no such experience, in fact, Cutting used the $6.9 million to purchase cars, improve his home and pay for his daughter's wedding.
- He also paid hundreds of thousands of dollars in "Ponzi-like payments" while communicating false updates to investors, often describing gains of over 50% in a single month.
- Since February 2020, Cutting has been ignoring investors' requests to withdraw their funds.
- In December 2020, he also defied an SEC bid to access his record, arguing his right to financial privacy.
- Along with Cutting's wife Janine, a stream of different companies including Crypto Traders Management and Golden Cross Investments are listed as relief defendants by the SEC.
See also: Self-Help Firm That Mostly Took Bitcoin as Payment Mostly Just Helped Itself, SEC Charges
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