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Arizona Securities Division Issues Cease-and-Desist Order Against Former LPL Broker Over Crypto Fund Sales

Posted on October 24th, 2025 at 9:39 AM
Arizona Securities Division Issues Cease-and-Desist Order Against Former LPL Broker Over Crypto Fund Sales

From the desk of Jim Eccleston at Eccleston Law

The Arizona Securities Division issued a cease-and-desist order against former LPL Financial advisor Lisa Boisselle and her firm, Wealthwise, alleging violations of state securities laws connected to nearly $1.4 million in cryptocurrency fund sales.

According to the order, beginning in 2021, Boisselle solicited clients to invest in two crypto asset programs—NovaTech and HyperFund, also known as HyperVerse. Both programs were later alleged by the Securities and Exchange Commission (SEC) to be fraudulent investment schemes, as reported by InvestmentNews.

Boisselle, who was registered with LPL Financial in Scottsdale, Arizona, from 2018 to 2022, allegedly raised funds from at least 16 clients between November 2021 and April 2023. Despite lacking registration with the Arizona Corporation Commission, she continued to solicit investments in new opportunities, the order stated. According to InvestmentNews, Wealthwise is no longer registered as a registered investment adviser.

The SEC’s ongoing actions against the operators of the two programs provide additional context. According to InvestmentNews, the SEC charged Xue “Sam” Lee and Brenda “Bitcoin Beautee” Chunga for their roles in operating HyperFund, a global pyramid scheme that raised more than $1.7 billion by selling “membership” packages promising high returns through crypto mining and alleged ties to a Fortune 500 company.

Separately, in December 2023, the SEC charged Cynthia and Eddy Petion and their company, NovaTech Ltd., for running a fraudulent crypto investment scheme that raised over $650 million from more than 200,000 investors, many of whom were members of the Haitian-American community. The SEC alleged the Petions operated NovaTech as a multi-level marketing and trading platform promising profits from cryptocurrency and foreign exchange markets.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, lpl

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