SEC v. Robert L. Murray, Jr.

Robert L. Murray, Jr. allegedly engaged in a fraudulent investment scheme that used Facebook to target U.S. Navy active duty service members, veterans, and reservists. He allegedly solicited prospective investors in a Facebook group for active duty, reservists, and veterans of the U.S. Navy, and acted as an unregistered investment adviser to a private pooled investment fund he controlled, Deep Dive Strategies, LLC. He raised nearly $355,000 from approximately 44 investors through the offer and sale of unregistered securities, and although he told investors the fund would invest in publicly traded securities, he allegedly misappropriated nearly 42% of investors’ funds for his personal expenses, including for gambling.

Summary generated from official Securities and Exchange Commission press release