Svmuu News: The U.S. Securities and Exchange Commission (SEC) announced that it has filed a lawsuit against Florida resident Zan Shaikh and his company, Bright Vision Distribution LLC (operating under the name Mining Automatic), alleging that they defrauded investors through a fraudulent crypto-asset mining investment scheme, raising approximately $22 million.
The SEC stated that between June 2023 and May 2025, Shaikh and Mining Automatic promised investors fixed monthly returns through participation in crypto mining operations, even though the mining operations were in fact incapable of generating the promised returns.
According to the SEC’s complaint, Shaikh and Mining Automatic allegedly made false statements regarding their cryptocurrency mining experience, operational capabilities, the use of investor funds, and the status of their mining operations, and attributed payment delays to an inability to pay investor returns.