SwapStar Capital, LLC Charged by SEC | Goodman & Nekvasil P.A. May Recover Investor Losses
The Securities and Exchange Commission yesterday charged a New Jersey-based individual with stealing money from investment advisory clients, and doing so while he was subject to a prior SEC order barring him from being in the investment advisory business.
The SEC’s complaint, filed in the U.S. District Court for the District of New Jersey, alleges that Swapnil J. Rege and his company SwapStar Capital, LLC solicited Rege’s friends, neighbors, and other referrals to be the defendants’ investment advisory clients. Rege and SwapStar allegedly misrepresented to their clients that client money would be invested in securities for guaranteed returns. According to the SEC’s complaint, Rege and SwapStar instead used client money to pay fictitious gains to other clients, to return original investment amounts to other clients, and to pay for some of Rege’s personal expenses.
The complaint alleges that Rege engaged in the alleged misconduct even after the SEC had barred him, in a 2019 SEC order, from associating with an investment adviser and ordered him to cease and desist from further violations of certain anti-fraud provisions in the Advisers Act. The complaint alleges that Rege acted as an investment adviser in violation of the bar against him. Further, according to the SEC’s complaint, Rege failed to disclose to his advisory clients that he had been barred from associating with an investment adviser.
The complaint charges Rege and SwapStar with violating the antifraud provisions of Sections 206(1) and 206(2) of the Advisers Act. It also charges Rege with violating Section 203(f) of the Advisers Act and seeks court enforcement of the 2019 SEC order pursuant to Section 209(d) of the Advisers Act.
Investors in SwapStar Capital LLC May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in SwapStar Capital LLC, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a St. Petersburg, FL law firm with a national practice representing victimized investors, has recovered more than $200 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses in SwapStar Capital LLC and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.