Alaska securities officials have ordered Anchorage resident Garrett Elder and his Tycoon Trading firm to pay a civil penalty of $7.43 million and restitution of an identical amount, plus interest, for issuing and selling unregistered securities and for acting as an investment adviser without being registered.
State regulators said Elder sold securities in the form of participation in profit-sharing agreements, investment contracts, and speculative trading in foreign currencies to Alaska residents through his business, Tycoon Trading. This took place between February 2017 and this past September. Neither Elder, Tycoon Trading nor the securities offered were ever registered with the state, however, according to a cease-and-desist order filed by the state.
The order also stated that Tycoon issued statements to investors reflecting positive earnings on investments.
“Those statements were falsified,” the order stated. “All or substantially all of the investors’ assets have been dissipated. Despite repeated attempts, investors have been unable to access their funds.”
“This scheme appears to have targeted Elder’s friends, family, and social networks. We take this extremely seriously,” said Robert Schmidt, director of the Alaska Division of Banking and Securities, said in a statement.
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