Action against Defendant, a former investment adviser, for alleged offering fraud. According to the SEC, Defendant operated a Ponzi scheme, raising over $3.9 million from his customers. Instead of investing the funds, Defendant used the money to reimburse other investors and for personal use. Defendant has agreed to pay disgorgement and interest and to a lifetime securities industry bar. Defendant has pleaded guilty in a parallel criminal action.

SEC Litigation Release

SEC Press Release