SEC Accuses California Man of Masterminding $37 Million Ponzi Scheme
SEC Accuses California Man of Masterminding $37 Million Ponzi Scheme
The U.S. Securities and Exchange Commission (SEC) has filed charges against California entrepreneur Satish Appalakutty and his businesses, Lorven Funds and Lorven Advisors LLC, for allegedly orchestrating a $37 million Ponzi scheme. The scheme, active from early 2019 to March 2024, is accused of defrauding over 100 victims by draining cash from their bank accounts.
The U.S. Securities and Exchange Commission (SEC) is accusing a California entrepreneur and his companies of executing a multi-million dollar Ponzi scheme. The SEC says Satish Appalakutty and his businesses, Lorven Funds and Lorven Advisors LLC, drained $37 million from over 100 people. Prosecutors say that between the start of 2019 through March 2024, Appalakutty […]
The post California Man Allegedly Masterminds $37,000,000 Ponzi Scheme, Draining Trove of Cash From More than 100 Victims’ Bank Accounts: SEC appeared first on The Daily Hodl.