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

We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

1787244289 Law
August 20, 2026
FinCEN Imposes Record $125 Million Penalty on UBS Financial Services

The Financial Crimes Enforcement Network (FinCEN) has imposed a $125 million civil money penalty against UBS Financial Services Inc.

1787157891 Law
August 19, 2026
Former UBS Financial Advisor Suspended and Fined Over Unauthorized Trading Allegations

The Financial Industry Regulatory Authority (FINRA) suspended a former UBS Wealth Management USA broker for three months and fined him $10,000 after finding that he executed hundreds of trades in two customers' accounts without the required written authorization.

1787156982 Law
August 19, 2026
FINRA Suspends Former Gradient Securities Advisor

The Financial Industry Regulatory Authority (FINRA) has suspended former Gradient Securities representative Mark J.