An Alaska man has been accused of engaging in a scheme that defrauded dozens of investors in the state from 2017 through 2022, reports InvestmentNews.
The Alaska Division of Banking and Securities issued an interim temporary cease and desist order against Tycoon Trading LLC and salesperson Garrett Elder. The DBS said Tycoon was an unregistered firm and Elder was an unregistered investment advisor.
In its order, the division said that despite not being properly registered in Alaska, Elder offered and sold securities through Tycoon in the form of participation in profit sharing agreements, investment contracts, and speculative trading in foreign currencies to Alaska residents. 32 Alaskans were reported to have invested a total of over $4 million as a result of Elder’s misconduct.
“This scheme appears to have targeted Elder’s friends, family, and social networks. We take this extremely seriously and hope that anyone who invested money with Tycoon Trading or Garrett Elder contacts our office,” said DBS Director, Robert Schmidt.
Tycoon Trading LLC and Elder were ordered to pay full restitution to all victims of the fraud, along with a civil penalty of $1,777,000. State officials said they anticipate further enforcement actions as the case continues to develop.
The attorneys at Lewitas Hyman have decades of experience dealing with securities fraud cases and have a deep understanding of how capital markets and financial service firms are intended to work to protect investors. If you think your financial professional or firm engaged in misconduct that caused you investment losses, contact Lewitas Hyman at (844) 651-2643 or through our online contact form for a no-cost evaluation of your matter.