SEC Sues Dan Putnam & Jean Ramirez for $12 Million in Cryptocurrency Fraud

Federal prosecutors say Dan Putnam built a career on stealing from regular people through fake investment schemes. Now the SEC is coming after him and his partners for $12 million in cryptocurrency fraud.

The lawsuit names three main defendants: Daniel F. Putnam, Jean Paul Ramirez Rico, and Angel A. Rodriguez. The SEC also named Putnam's 76-year-old father, Richard T. Putnam, as a relief defendant after he allegedly received stolen money through a company called R & D Global LLC.

Putnam's operation was straightforward: he convinced people they could make easy money in cryptocurrency mining. Ramirez, who lives in Colombia, served as Putnam's partner. Rodriguez, based in Utah, acted as an interpreter and middleman between the two.

The schemes had catchy names—Modern Money Team, Eyeline Trading, WealthBoss. They all promised the same thing: buy mining machines, let Putnam run them, collect profits. It was a lie.

In Modern Money Team alone, nearly 200 investors handed over approximately $3.25 million. One investor, identified as D.B., sank more than $600,000 into the scheme. He believed he was purchasing almost 500 mining machines that would generate profits remotely under Putnam's control.

For several months, it looked legitimate. D.B. logged into a website and watched his balance climb. Weekly payouts appeared in his account. He reinvested the profits to buy more machines. Then in November 2018, the payments stopped.

Putnam told D.B. the mining wasn't profitable anymore because cryptocurrency prices had crashed. When D.B. asked for his machines back, Putnam dodged. Months passed with excuses. In February 2020, Putnam finally said D.B. could pick up his equipment in Salt Lake City. According to the SEC, D.B. never received a single machine.

When Modern Money Team dried up, Putnam simply pivoted. He and Ramirez launched Eyeline Trading, then rebranded it as WealthBoss. WealthBoss eventually got folded into another scheme called Onyx Lifestyle.

The pattern never changed. New name, same con. Promise mining profits or trading returns. Collect money. Pay early investors with new investors' cash to keep the scheme looking real. Eventually, stop paying and disappear.

This wasn't Putnam's first rodeo either. The SEC describes a long history of him creating and promoting MLM Ponzi schemes. Each one targeted people seeking passive income through cryptocurrency—an industry ripe with fraud and populated by people hungry for quick returns.

The defendants have not responded to the allegations. The SEC is seeking damages, disgorgement of profits, civil penalties, and permanent bans from offering investment products.

🤖 Quick Answer

What is the SEC lawsuit against Dan Putnam and Jean Ramirez regarding?
The SEC filed a lawsuit against Daniel F. Putnam, Jean Paul Ramirez Rico, and Angel A. Rodriguez for $12 million in cryptocurrency fraud. The defendants allegedly operated fake investment schemes promising easy returns through cryptocurrency mining, defrauding regular investors. Putnam's father was named as a relief defendant for receiving stolen funds.

Who are the main defendants in this cryptocurrency fraud case?
The three primary defendants are Daniel F. Putnam, Jean Paul Ramirez Rico, and Angel A. Rodriguez. Richard T. Putnam, the defendant's 76-year-old father, was named as a relief defendant. Ramirez operates from Colombia while Rodriguez, based in Utah, allegedly functioned as an interpreter and intermediary in the fraudulent scheme.

**How did the defendants allegedly perpetrate the cryptocurrency fraud

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