Tr?id=566623520170033&ev=PageView&noscript=1

SEC Obtains Emergency Relief To Halt Alleged Ponzi Scheme

Posted on June 3rd, 2022 at 8:40 AM
SEC Obtains Emergency Relief To Halt Alleged Ponzi Scheme

From the desk of Jim Eccleston at Eccleston Law:

The Securities and Exchange Commission (SEC) has successfully obtained emergency relief, including asset freezes, against two investment advisory firms and their owners for allegedly selling pre-IPO shares that they did not own. 

The SEC has charged StraightPath Venture Partners, StraightPath Management, Brian Martinsen, Michael Castillero, Francine Lanaia, and Eric Lachow with allegedly collecting unauthorized fees and commingling investor funds. The defendants generated at least $410 million from nearly 2,200 investors through an unregistered advisory firm between November 2017 and February 2022, according to the SEC. The SEC additionally alleged that the defendants falsely informed investors that each investment would be kept separate and that there would be no upfront fees. 

However, the defendants proceeded to commingle investor funds and fraudulently collect at least $75 million, according to the SEC. The SEC also alleged that the defendants concealed from investors that Castillero and Lanaia were illegally operating the funds because they were each previously barred from the industry. The Financial Industry Regulatory Authority (FINRA) barred Castillero in 2019 and Lanaia in 2018. The SEC’s complaint seeks permanent injunctive relief, disgorgement and civil penalties. 

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

 
 
 

Tags: eccleston law, sec, ponzi scheme

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I just wanted to say thanks again for preparing and executing my case in such a professional manner. It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). I would personally recommend you and your firm to anyone.

John O.

LATEST NEWS AND ARTICLES

1787852053 Law
August 27, 2026
United Capital Revives Lawsuit Against Osaic

According to AdvisorHub, United Capital Financial Advisors has revived its lawsuit against independent broker-dealer Osaic by filing an amended complaint that reframes the dispute around the alleged misuse of confidential information obtained during Osaic's unsuccessful effort to acquire the firm.

1787765850 Law
August 26, 2026
FINRA Orders WestPark Capital to Pay $520,000 Over GWG L Bond Sales

The fallout from the collapse of GWG Holdings continues to affect the broker-dealers that sold the company's illiquid L bonds.

1787679428 Law
August 25, 2026
Ameriprise Broker Sues LPL-Affiliated Practice Over Use of "Kindred" Name

AdvisorHub reports that an Ameriprise Financial broker in Oklahoma has filed a trademark infringement lawsuit against an LPL Financial-affiliated practice over its use of the word "kindred" in its name.