SEC Sues 2 Crypto Advisory Firms and Their Owner for Misappropriating Investors’ Funds

The charges, filed in the federal district court in Manhattan, allege that Creative Advancement LLC and Edelman Blockchain Advisors LLC, and their owner, Gabriel Edelman, raised $4.3 million by offering and selling securities to four investors using “false and misleading statements” between February 2017 and May 2021. Those statements included promises to invest in digital assets, when, in reality, Edelman used their funds to bankroll his personal expenses, according to the complaint.