On Feb. 5, 2026, the Securities and Exchange Commission reported that a federal court entered a consent judgment the day prior, in the SEC’s civil action against Marat Likhtenstein (E.D.N.Y.; case filed Sept. 26, 2025).
The SEC charged Likhtenstein with an offering-fraud scheme that, according to the SEC’s complaint, ran from at least April 2017 through June 2024 and involved soliciting, recommending, and selling self-issued promissory notes to advisory clients while acting as an investment adviser. The operation generated more than $4.1 million from at least 15 clients. The SEC alleged Likhtenstein did not invest client funds as represented and instead misappropriated the proceeds, including making $940,000 in Ponzi-like payments and spending nearly $3.2 million on personal expenses.
The SEC’s complaint alleges violations of Securities Act Section 17(a), Exchange Act Section 10(b) and Rule 10b-5, and Investment Advisers Act Sections 206(1) and 206(2); the SEC said the complaint seeks disgorgement, prejudgment interest, civil penalties, and injunctions, and it reported that Likhtenstein (without admitting or denying the allegations) consented to a bifurcated settlement agreeing to injunctive relief, with monetary relief to be determined later, leaving the timing and amount of any financial remedies expressly unspecified in the release.
The SEC also noted a parallel criminal case filed on March 12, 2025 by the Kings County District Attorney’s Office, and said its investigation was conducted by staff of the SEC’s New York Regional Office, with the litigation led under SEC supervision.
Three months into the job, the former COO of JPMorgan says AI and disciplined talent-building — not size alone — will decide which firms can serve the coming wave of ultra-wealthy families
Potomac Financial Group's move from Raymond James marks Concurrent's first foothold in Maryland as IBD breakaways accelerate.
The wealthtech firm's Custody Command Layer taps into Goldman Sachs Custody Solutions to speed account opening for independent RIAs.
Edward Karan says Aspire Wealth can deliver family office services at a fraction of typical client minimums at private banks.
The Minneapolis-based hybrid RIA opens its first office outside the Midwest as advisor Jennifer McDonald departs Morgan Stanley.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
