SEC Charges Mining Automatic with $22 Million Crypto Fraud Scheme

The US Securities and Exchange Commission (SEC) has charged Zan Shaikh, a Florida resident, and his company Bright Vision LLC, which was operating as Mining Automatic, with running a crypto mining fraud.

The regulator alleges that Shaikh and his company raised approximately $22 million from over 380 investors in a crypto mining investment scheme and misappropriated the funds. Only 13% of the funds were used for mining operations, while the majority was spent on marketing expenses to attract new investors and on Shaikh's personal expenses.

The SEC report stated that Shaikh ran the fraudulent scheme from June 2023 to May 2025. He claimed to be investing in a crypto mining operation and promised investors guaranteed monthly returns. However, the agency noted that Shaikh and Mining Automatic made several misrepresentations to investors about their experience and track record.

The SEC is now seeking an injunction to restrain them from continuing their business and is also seeking disgorgement, civil penalties, and prejudgment interest. The defendant has already consented to this judgment, which means it only requires the court's approval.