{"investigation":{"slug":"mining-automatic-zan-shaikh","entity_name":"Mining Automatic / Zan Shaikh","trust_score":0,"severity_base":null,"score_modifier":-5,"confidence":0.92,"status":"published","content_type":"investigation","summary":"Mining Automatic, the trade name of Bright Vision Distribution LLC, and its founder Zan Shaikh, a Florida resident, were charged by the U.S. Securities and Exchange Commission on July 20, 2026 with allegedly raising approximately $22 million from more than 380 investors between June 2023 and May 2025 through a fraudulent, unregistered crypto mining investment scheme. According to the SEC, only about 13% of investor funds went to mining-related expenses, with the rest allegedly spent on recruiting new investors and on Shaikh's personal expenses; at least $20 million more was taken in than repaid and no investor has recovered their principal. Both defendants consented, without admitting or denying the allegations, to proposed injunctive judgments pending court approval, while disgorgement, prejudgment interest and civil penalties remain to be determined by the U.S. District Court for the District of Massachusetts.","sections":[{"content":"On July 20, 2026, the U.S. Securities and Exchange Commission filed partially settled charges against Zan Shaikh and Bright Vision Distribution LLC, doing business as Mining Automatic, in the U.S. District Court for the District of Massachusetts (Litigation Release No. 26590). The SEC charged both defendants with violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. The charges relate to an alleged unregistered securities offering and investment fraud scheme conducted between approximately June 2023 and May 2025. The Section 5(a) and 5(c) charges reflect the SEC's position that the 'Mining Automatic Agreements' sold to investors were unregistered securities; no registration statement was filed with the SEC for these offerings. The complaint names Zan Shaikh individually and Bright Vision Distribution LLC d/b/a Mining Automatic as defendants.","heading":"SEC Enforcement Action","sources":[{"url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26590","name":"SEC Litigation Release No. 26590 — Zan Shaikh and Bright Vision Distribution LLC, d/b/a Mining Automatic","type":"regulatory","credibility":1},{"url":"https://www.sec.gov/files/litigation/complaints/2026/comp26590.pdf","name":"SEC Complaint comp26590 (District of Massachusetts)","type":"court_filing","credibility":1},{"url":"https://fxnewsgroup.com/forex-news/cryptocurrency/sec-files-partially-settled-charges-against-mining-automatic-and-zan-shaikh/","name":"FX News Group — SEC Files Partially Settled Charges Against Mining Automatic and Zan Shaikh","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Between approximately June 2023 and May 2025, Shaikh and Mining Automatic allegedly solicited investments by marketing what the SEC describes as 'Mining Automatic Agreements', promising guaranteed monthly returns generated by a purported crypto asset mining operation that would install and operate mining equipment on investors' behalf. The offering was presented as accessible to investors without technical expertise. Shaikh and Mining Automatic reportedly advertised past annual returns of 51.5% (2021), 46.2% (2022), and 51.8% (2023) to prospective investors.\n\nThe SEC alleges the defendants made materially false and misleading statements about Shaikh's and the company's experience, expertise and track record in crypto asset mining; how investor funds would be and were being used; the operational status of the mining infrastructure; and the reasons promised monthly payments could not be made when due. Investors were allegedly led to believe the mining infrastructure was operational and generating returns sufficient to support the guaranteed payouts.\n\nAccording to the SEC, the operation generated approximately $1.1 million in mining revenue while paying approximately $1.8 million to investors, with the shortfall allegedly covered by capital from newer investors. The SEC's complaint characterizes the operation as bearing 'some of the hallmarks of a Ponzi scheme.' Payments to investors ceased by approximately March 2025, about two months before the alleged end of the scheme.","heading":"The Alleged Scheme and Misrepresentations","sources":[{"url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26590","name":"SEC Litigation Release No. 26590 — Zan Shaikh and Bright Vision Distribution LLC, d/b/a Mining Automatic","type":"regulatory","credibility":1},{"url":"https://dailyhodl.com/2026/07/22/sec-files-suit-alleging-22000000-crypto-mining-fraud-scheme/","name":"The Daily Hodl — SEC Files Suit Alleging $22,000,000 Crypto Mining Fraud Scheme","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/sec-sues-mining-automatic-and-founder-over-alleged-22m-crypto-mining-scheme","name":"CoinTelegraph — SEC Sues Mining Automatic and Founder Over Alleged $22M Crypto Mining Scheme","type":"news_article","credibility":2},{"url":"https://www.cryptopolitan.com/sec-sues-mining-automatic-22-million-fraud/","name":"Cryptopolitan — SEC Sues Mining Automatic and CEO Zan Shaikh Over $22 Million Mining Fraud","type":"news_article","credibility":2},{"url":"https://blockonomi.com/sec-files-fraud-charges-against-mining-automatic-in-22m-cryptocurrency-ponzi-scheme/","name":"Blockonomi — SEC Files Fraud Charges Against Mining Automatic in $22M Cryptocurrency Ponzi Scheme","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/409007/sec-charges-florida-man-mining-scheme","name":"The Block: SEC charges Florida man and company in alleged $22 million crypto mining fraud scheme","type":"news_article","credibility":2},{"url":"https://cryptoslate.com/380-investors-face-uncertain-recovery-after-alleged-22-million-mining-scheme-put-just-13-into-mining/","name":"CryptoSlate — 380 investors face Bitcoin mining losses after alleged $22M US scheme","type":"news_article","credibility":2},{"url":"https://fxnewsgroup.com/forex-news/cryptocurrency/sec-files-partially-settled-charges-against-mining-automatic-and-zan-shaikh/","name":"FX News Group — SEC Files Partially Settled Charges Against Mining Automatic and Zan Shaikh","type":"news_article","credibility":2}],"severity":"critical"},{"content":"According to the SEC complaint, Mining Automatic raised approximately $22 million, of which only approximately 13% — roughly $2.86 million — was used for expenses relating to purported crypto mining operations. The largest single allocation, approximately $7 million, allegedly went to advertising and marketing to recruit new investors. Remaining funds were allegedly diverted to direct bank transfers to Shaikh's personal accounts ($778,550), personal real estate charges ($375,575), vehicle purchases at a car dealership ($151,750), cash withdrawals ($118,585), entertainment expenses ($76,547), and Shaikh's personal business ventures ($500,000), along with other personal expenses unrelated to mining.","heading":"Alleged Misappropriation of Investor Funds","sources":[{"url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26590","name":"SEC Litigation Release No. 26590 — Zan Shaikh and Bright Vision Distribution LLC, d/b/a Mining Automatic","type":"regulatory","credibility":1},{"url":"https://financefeeds.com/sec-charges-mining-automatic-in-22-million-crypto-fraud-case/","name":"FinanceFeeds — SEC Charges Mining Automatic in $22 Million Crypto Fraud Case","type":"news_article","credibility":2},{"url":"https://coincentral.com/22m-crypto-mining-fraud-sec-charges-mining-automatic-in-alleged-ponzi-scheme/","name":"CoinCentral — $22M Crypto Mining Fraud: SEC Charges Mining Automatic in Alleged Ponzi Scheme","type":"news_article","credibility":2},{"url":"https://blockonomi.com/sec-files-fraud-charges-against-mining-automatic-in-22m-cryptocurrency-ponzi-scheme/","name":"Blockonomi — SEC Files Fraud Charges Against Mining Automatic in $22M Cryptocurrency Ponzi Scheme","type":"news_article","credibility":2},{"url":"https://fxnewsgroup.com/forex-news/cryptocurrency/sec-files-partially-settled-charges-against-mining-automatic-and-zan-shaikh/","name":"FX News Group — SEC Files Partially Settled Charges Against Mining Automatic and Zan Shaikh","type":"news_article","credibility":2}],"severity":"critical"},{"content":"According to the SEC, more than 380 investors put approximately $22 million into the scheme over its roughly two-year period. Mining Automatic ceased making investor payments by March 2025. The SEC states that the defendants took in at least $20 million more from investors than was ever repaid, and that as of the July 20, 2026 filing no investor had recovered their original principal. Disgorgement, prejudgment interest and civil penalties have not yet been quantified, and no receiver, asset freeze or restitution fund had been publicly reported as of the available reporting.\n\nThe FBI's Boston Division separately issued a victim information request identifying potential victims associated with Shaikh, Bright Vision Distribution, Mining Automatic, YT Automatic, and entities named RankOne Ecommerce and Replic8. The FBI's victim timeline extends from 2022 through 2025, which is broader than the SEC's alleged scheme period.","heading":"Investor Losses and Recovery Prospects","sources":[{"url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26590","name":"SEC Litigation Release No. 26590 — Zan Shaikh and Bright Vision Distribution LLC, d/b/a Mining Automatic","type":"regulatory","credibility":1},{"url":"https://financefeeds.com/sec-charges-mining-automatic-in-22-million-crypto-fraud-case/","name":"FinanceFeeds — SEC Charges Mining Automatic in $22 Million Crypto Fraud Case","type":"news_article","credibility":2},{"url":"https://cryptoslate.com/380-investors-face-uncertain-recovery-after-alleged-22-million-mining-scheme-put-just-13-into-mining/","name":"CryptoSlate — 380 investors face Bitcoin mining losses after alleged $22M US scheme","type":"news_article","credibility":2},{"url":"https://www.fbi.gov/how-we-can-help-you/victim-services/seeking-victim-information","name":"FBI Seeking Victim Information - Mining Automatic / Zan Shaikh","type":"regulatory","credibility":1}],"severity":"critical"},{"content":"The SEC described its July 20, 2026 charges as 'partially settled': injunctive terms were agreed while monetary relief remains subject to future court determination. Both Zan Shaikh and Bright Vision Distribution LLC (d/b/a Mining Automatic) consented to proposed judgments without admitting or denying the SEC's allegations. The proposed terms, pending approval by the U.S. District Court for the District of Massachusetts, include (1) permanent injunctions against both defendants prohibiting future violations of Sections 5(a), 5(c) and 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5; (2) an officer-and-director bar against Shaikh; and (3) a conduct-based injunction against Shaikh restricting his participation in securities offerings. The consent judgments had not been entered as final orders as of the source reporting. Disgorgement of alleged ill-gotten gains, prejudgment interest and civil penalties are to be determined by the court upon motion by the Commission.\n\nNo criminal charges had been publicly announced as of July 28, 2026, although the FBI's separate victim outreach suggests an active parallel investigation.","heading":"Partial Settlement and Legal Status","sources":[{"url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26590","name":"SEC Litigation Release No. 26590 — Zan Shaikh and Bright Vision Distribution LLC, d/b/a Mining Automatic","type":"regulatory","credibility":1},{"url":"https://fxnewsgroup.com/forex-news/cryptocurrency/sec-files-partially-settled-charges-against-mining-automatic-and-zan-shaikh/","name":"FX News Group — SEC Files Partially Settled Charges Against Mining Automatic and Zan Shaikh","type":"news_article","credibility":2},{"url":"https://altswire.com/sec-files-partially-settled-charges-in-22m-crypto-mining-scheme/","name":"AltsWire — SEC Files Partially Settled Charges in $22M Crypto Mining Scheme","type":"news_article","credibility":2},{"url":"https://usethebitcoin.com/news/sec-sues-zan-shaikh-fraud/","name":"UseTheBitcoin — SEC Sues Mining Automatic Founder Over $22M Fraud","type":"news_article","credibility":2},{"url":"https://www.fbi.gov/how-we-can-help-you/victim-services/seeking-victim-information","name":"FBI Seeking Victim Information - Mining Automatic / Zan Shaikh","type":"regulatory","credibility":1}],"severity":"critical"},{"content":"Mining Automatic operated as a brand name for Bright Vision Distribution LLC, described on most input sources as registered in Massachusetts; one earlier summary of this record instead called it 'Florida-based', without a separate source. Zan Shaikh is identified by the SEC as a Florida resident and as the president and founder of Mining Automatic who controlled its operations throughout the relevant period; news reports describe him as 28 years old and living in Miami, Florida. Hassan Shaikh is listed as Vice President of the company, and the company also listed a Chief Revenue Officer and a Chief Operating Officer. Public records associate Shaikh with several other business entities, including Gadget Goose, Instinct Labs, ValueMax Realty and Sonder.\n\nShaikh is also publicly associated with earlier ventures. RankOne eCommerce was described in promotional materials as helping entrepreneurs in Amazon drop-shipping, with Shaikh credited as founder. YT Automatic, formed through a partnership with an individual named Chris Zissis, claimed to build automated YouTube channels generating passive income. Replic8 is cited in the FBI's victim outreach as affiliated with Shaikh and associates. The relationship of these ventures to the alleged Mining Automatic fraud has not been adjudicated, and no formal charges relating to RankOne eCommerce, YT Automatic or Replic8 were documented in the available sources. No prior regulatory actions against Shaikh or Bright Vision Distribution LLC had been identified before the SEC filing. The company appears to have operated primarily online, soliciting investors through marketing and advertising.","heading":"Operator, Entity Background and Related Ventures","sources":[{"url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26590","name":"SEC Litigation Release No. 26590 — Zan Shaikh and Bright Vision Distribution LLC, d/b/a Mining Automatic","type":"regulatory","credibility":1},{"url":"https://crypto.news/sec-targets-mining-automatic-over-crypto-mining-fraud/","name":"crypto.news — SEC Targets Mining Automatic Over Alleged $22M Crypto Mining Fraud","type":"news_article","credibility":2},{"url":"https://cryptorank.io/news/feed/88d98-sec-charges-mining-automatic-zan-shaikh-crypto-fraud","name":"CryptoRank: SEC Charges Florida Man and His Firm in $22 Million Crypto Mining Fraud","type":"news_article","credibility":2},{"url":"https://cryptonews.net/news/legal/33175940/","name":"CryptoNews.net: SEC Charges Florida Man and His Firm in $22 Million Crypto Mining Fraud","type":"news_article","credibility":2},{"url":"https://cryptoslate.com/380-investors-face-uncertain-recovery-after-alleged-22-million-mining-scheme-put-just-13-into-mining/","name":"CryptoSlate — 380 investors face Bitcoin mining losses after alleged $22M US scheme","type":"news_article","credibility":2},{"url":"https://www.theamericanreporter.com/rankone-ecommerce-seals-partnership-with-chris-zissis-to-form-yt-automatic/","name":"RankOne eCommerce Seals Partnership With Chris Zissis to Form YT Automatic - The American Reporter","type":"news_article","credibility":3},{"url":"https://www.fbi.gov/how-we-can-help-you/victim-services/seeking-victim-information","name":"FBI Seeking Victim Information - Mining Automatic / Zan Shaikh","type":"regulatory","credibility":1}],"severity":"high"},{"content":"Investor complaints documented before the SEC action described an abrupt stop to monthly payments, loss of communication with management, and barriers to withdrawing funds. At least one independent third-party site, Zorya Capital, published a review characterizing Mining Automatic / Bright Vision Distribution LLC as a scam before the SEC action, and the Better Business Bureau profile for Bright Vision Distribution LLC in Marlborough, Massachusetts recorded consumer complaints. These community-level signals are low-confidence corroboration rather than independent findings; they are consistent with the SEC's allegation that payments stopped by March 2025, about 16 months before the July 2026 filing.","heading":"Community and Pre-Charge Warnings","sources":[{"url":"https://financefeeds.com/sec-charges-mining-automatic-in-22-million-crypto-fraud-case/","name":"FinanceFeeds — SEC Charges Mining Automatic in $22 Million Crypto Fraud Case","type":"news_article","credibility":2},{"url":"https://www.zoryacapital.com/mining-automatic-review-scam/","name":"Zorya Capital — Mining Automatic / Bright Vision Distribution LLC Review (Scam Warning)","type":"community_report","credibility":3},{"url":"https://www.bbb.org/us/ma/marlborough/profile/ecommerce/bright-vision-distribution-llc-0021-553709/complaints","name":"Better Business Bureau — Bright Vision Distribution LLC Complaints","type":"community_report","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2023-06","event":"Mining Automatic (Bright Vision Distribution LLC) begins soliciting investors with promises of guaranteed monthly returns from crypto asset mining operations, according to the SEC complaint.","source":"SEC Litigation Release No. 26590","source_url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26590"},{"date":"2025-03","event":"Mining Automatic allegedly stops making payments to investors, about two months before the alleged end of the scheme. The SEC states no investor has recovered their original principal.","source":"SEC Litigation Release No. 26590","source_url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26590"},{"date":"2025-05","event":"The alleged scheme period ends, per the SEC complaint; approximately $22 million had been raised from more than 380 investors over roughly two years.","source":"SEC Litigation Release No. 26590","source_url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26590"},{"date":"2026-07","event":"On July 20, 2026 the SEC files partially settled charges against Zan Shaikh and Bright Vision Distribution LLC (d/b/a Mining Automatic) in the U.S. District Court for the District of Massachusetts (Litigation Release No. 26590). Both defendants consent, without admitting or denying the allegations, to proposed permanent injunctions; Shaikh also consents to an officer-and-director bar. Monetary remedies remain to be determined by the court.","source":"SEC Litigation Release No. 26590","source_url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26590"},{"date":"2026-07","event":"Crypto and financial news outlets report the SEC charges, including CoinTelegraph, The Daily Hodl, Cryptopolitan, Blockonomi and FinanceFeeds.","source":"CoinTelegraph — SEC Sues Mining Automatic and Founder Over Alleged $22M Crypto Mining Scheme","source_url":"https://cointelegraph.com/news/sec-sues-mining-automatic-and-founder-over-alleged-22m-crypto-mining-scheme"}],"sources_used":[{"url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26590","name":"SEC Litigation Release No. 26590 — Zan Shaikh and Bright Vision Distribution LLC, d/b/a Mining 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