SEC v. Solomon Lichtenstein

Solomon Lichtenstein allegedly orchestrated a fraudulent scheme that raised approximately $2.7 million from over 25 investors. According to the SEC’s complaint, Lichtenstein offered potential investors the opportunity to purchase notes in exchange for a fixed interest payment of 5% per month. Lichtenstein allegedly misappropriated approximately $966,000 to pay for personal expenses and used approximately $1.1 million to make Ponzi-like payments. As a result of Lichtenstein’s scheme, investors lost more than $1.5 million.

Summary generated from official Securities and Exchange Commission press release