Wu Blockchain reports that the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Florida resident Zan Shaikh and his company, Bright Vision Distribution LLC (operating under the name Mining Automatic). The SEC alleges that between June 2023 and May 2025, they raised approximately $22 million from over 380 investors through a so-called crypto asset mining business, promising guaranteed monthly returns. According to the SEC, only about 13% of investor funds were used for purported mining-related expenses, while the rest was primarily spent on marketing, attracting new investors, and covering personal and unrelated business expenses. The SEC claims that the funds raised from investors exceeded the amount repaid by at least $20 million. The defendants have agreed to a permanent injunction and other relief measures, but fines and disgorgement amounts are still pending court determination. https://(wublock123.com)/news/sec-accuses-mining-automatic-22000000-crypto-mining-investment-scam-64963