Boston Man Agrees To SEC Settlement After Guilty Plea

Posted on January 6th, 2022 at 3:05 PM
Boston Man Agrees To SEC Settlement After Guilty Plea

From the Desk of Jim Eccleston at Eccleston Law:

A Boston man accused of defrauding investors has agreed to a settlement with the Securities and Exchange Commission (SEC) after pleading guilty in a parallel criminal case.

Tanmaya Kabra and his firm, Launchbyte.IO LLC, agreed to a permanent injunction restricting them from further violating federal securities laws, according to settlement documents. The SEC alleged that Kabra promised double-digit returns to investors, but subsequently used the money to fund a boat, cover credit card debt and repay earlier investors. 

Kabra received a 21-month prison sentence after pleading guilty to wire fraud in March 2021. The settlement requires Kabra to pay $500,000 in disgorgement and at least $68,000 in prejudgment interest. 

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

Tags: eccleston, eccleston law, sec, defrauding

Return to Archive

TESTIMONIALS

Previous
Next

You were most helpful with my FINRA deposition. You are a good lawyer and a good person.

Dan B.

LATEST NEWS AND ARTICLES

July 1, 2025
State Regulators Fine Five Major Broker-Dealers Nearly $10 Million for Excessive Commission Charges

A coalition of state securities regulators has ordered five broker-dealers — including Edward Jones, LPL Financial, RBC, Stifel, and TD Ameritrade — to pay almost $9.9 million in penalties for overcharging customers on small-value trades.

June 30, 2025
SEC Charges New Mexico Investment Advisor with Fee Fraud and Fiduciary Breaches

The Securities and Exchange Commission (“SEC”) has charged David A. Nagler and his firm, New Line Capital LLC, with defrauding clients through deceptive fee disclosures and undisclosed conflicts of interest.

 

June 27, 2025
FINRA Sanctions Advisor for Accepting $1 Million Inheritance from Client Without Firm Approval

FINRA has fined and suspended veteran advisor Kenneth J. Malm for accepting a $1 million inheritance from a client without receiving the necessary firm approval.