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

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

1789752835 Law
September 18, 2026
SEC Sanctions Investment Adviser and Executive for Disproportionate Trade Allocations

The Securities and Exchange Commission (SEC) has determined that the conduct of registered investment advisory firm Barrington Asset Management, and its executive vice-president and chief compliance officer, Gregory Paris, disadvantaged clients and breached their fiduciary duties owed to clients.

1789665543 Law
September 17, 2026
SEC Charges 38 Entities Over Allegedly Fraudulent Adviser Filings

The Securities and Exchange Commission (SEC) charged 38 entities with allegedly making material misrepresentations in Forms ADV filed with the SEC between 2025 and 2026.

1789589290 Law
September 16, 2026
Edelman Financial Engines Secures TRO Against Advisor Who Joined RFG Advisory

Edelman Financial Engines recently secured a temporary restraining order (TRO) against Chad A.