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.
California Man Allegedly Masterminds $37,000,000 Ponzi Scheme, Draining Trove of Cash From More than 100 Victims' Bank Accounts: SEC
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SEC accuses California entrepreneur Satish Appalakutty and his firms Lorven Funds and Lorven Advisors LLC of running a $37,000,000 Ponzi scheme that drained funds from more than 100 victims' bank accounts.
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