The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Zan Shaikh and his company, Bright Vision Distribution LLC, operating as Mining Automatic, for allegedly defrauding investors in a crypto mining investment scheme. The SEC claims that from June 2023 to May 2025, Shaikh and his company falsely promised fixed monthly returns from non-existent crypto mining operations, raising approximately $22 million from over 380 investors. According to the SEC, only 13% of the funds were used for purported mining expenses, with the rest diverted to marketing and personal expenses. The SEC's complaint, filed in the U.S. District Court for the District of Massachusetts, charges the defendants with violating anti-fraud and unregistered securities provisions. Both parties have agreed to a settlement, including a permanent injunction and an officer and director bar against Shaikh. The SEC will seek further financial penalties, with amounts to be determined later.