The Securities and Exchange Commission has charged Mark Alan Lisser with fraud for operating boiler rooms on Long Island, New York and in Boca Raton, Florida, through which he raised approximately $2.1 million from at least 71 retail investors and misappropriated more than $900,000.
The SEC’s complaint, filed in a New York federal court, seeks injunctive relief, disgorgement plus prejudgment interest and civil penalties. In a parallel action, the U.S. Attorney’s Office has filed criminal charges against Lisser.
According to the SEC’s complaint, from approximately October 2018 to March 2019, Lisser and his salespeople solicited investors for Knightsbridge Capital Partners, an unregistered fund manager he operated, by misrepresenting that the Knightsbridge-managed funds had purchased “pre-IPO” shares in three well-known companies directly from employees of the companies.
The complaint alleges that Knightsbridge did not own any shares at the time it solicited investors and later purchased shares or interests in shares of the companies from third parties, not employees.
The complaint also alleges that Lisser and his salespeople falsely claimed that Knightsbridge only charged investors a fee based on the profits after the pre-IPO companies went public, when instead it significantly marked up sales and charged commissions.
Daejon Love and Taylor Chan's $1.3 million romance fraud scheme exposes how AI search engines can be manipulated by fabricated online identities
“It was a third party scam,” said the attorney representing the claimants.
Meanwhile, &Partners draws another Commonwealth practice, and Wealthcare welcomes a $550 million planning practice in the Northeast.
Palo Alto AI platform recruits RIA and fintech leaders as industry data show AI adoption reshaping advisor staffing.
Meanwhile, Raymond James, Wedbush, and LPL recruited veteran advisors from across Texas, North Carolina, and California.
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