SEC v. Satish Appalakutty

Satish Appalakutty allegedly defrauded at least 100 investors of at least $37 million. According to the SEC’s complaint, from the beginning of 2019 through March 2024, the defendants orchestrated a Ponzi-like scheme in the San Francisco Bay Area. Appalakutty allegedly used new investors’ money to make Ponzi-like payments to prior investors, and misappropriated approximately $6.7 million of investor money for his personal benefit, including using approximately $4.4 million for his software startup, Vistalytics Inc.

Summary generated from official Securities and Exchange Commission press release