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

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