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.
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