1. On April 30, 2026, the SEC approved a Plan of Distribution for Rimar Capital USA, Inc., Rimar Capital, LLC, Itai Liptz, and Clifford Boro. The case involved fraudulent SAFE offerings, where investors were misled about an AI-driven investment platform, raising nearly $4 million from 45 investors.
Fair Fund: $310,000 (from penalties)
Distribution: Based on investor out-of-pocket losses
No public comments were received on the plan
The SEC approved the plan to distribute funds to harmed investors.
2. On April 30, 2026, the SEC authorized the transfer of remaining Fair Fund assets for UBS Financial Services Inc. to the U.S. Treasury. The Fair Fund—$17.4 million—was distributed to harmed investors, with nearly all funds successfully paid and investors fully compensated. Remaining funds of $1,209 will be transferred to the Treasury, and the Fair Fund is terminated. https://www.sec.gov/files/litigation/admin/2026/34-105343.pdf
3. On April 30, 2026, the SEC announced that Jason Burt, Deputy Director of the Division of Enforcement (Specialized Units), will depart the agency on May 1, 2026, after more than 22 years of service. Burt oversaw key enforcement areas including asset management, market abuse, cyber and emerging technologies, and the Office of the Whistleblower. The SEC highlighted Burt’s role in leading complex investigations and enforcement initiatives, including supervision of the Cross-Border Task Force, and recognized his long-standing contributions to the agency’s enforcement program. https://www.sec.gov/newsroom/press-releases/2026-41-deputy-director-enforcement-jason-burt-conclude-his-tenure-sec
4. On April 27, 2026, the SEC obtained a final consent judgment against Terrence Chalk, who was charged with operating a Ponzi-like fraud involving the “Chairman’s Fund.” Between 2017 and 2020, Chalk raised approximately $5 million from 40 investors, using the funds for personal expenses and making Ponzi-like payments. The judgment orders Chalk to pay $1,731,423 in disgorgement, which is satisfied by a restitution order in the parallel criminal case. This matter is being litigated.
5. On April 24, 2026, the SEC charged Jay Lucas and Lucas Brand Equity, LLC with defrauding investors and misappropriating funds from private equity funds they advised. Lucas and his firm raised over $50,000,000 from investors through misrepresentations and used millions of dollars for personal expenses and undisclosed business interests. This matter is being litigated. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26538
6. On April 23, 2026, the SEC instituted administrative proceedings against Madison Capital Funding LLC. Madison Capital breached its fiduciary duty by mispricing trades with pooled investment vehicles during the early COVID-19 market disruption, failing to reflect fair market value. The SEC ordered a $900,000 civil penalty and established a Fair Fund, and granted an extension to February 24, 2027 to submit the distribution plan. https://www.sec.gov/files/litigation/admin/2026/34-105299.pdf
7. On April 20, 2026, the SEC obtained a final judgment against AI Investment Education Foundation Ltd. for making false statements in a Form ADV filing. AI Investment Education misrepresented its status, operations, and assets, including falsely claiming to be an exempt reporting adviser and to manage $1,000,000 in assets. AI Investment Education was permanently enjoined from future violations and from filing as an exempt reporting adviser and was ordered to pay a civil money penalty in the amount of $1,182,254. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26536
8. On April 20, 2026, the SEC obtained a final judgment against Supreme Power Capital Management Ltd. for making false statements in a Form ADV filing. Supreme Power misrepresented its status, operations, and assets, including falsely claiming to be an exempt reporting adviser and to manage $10,000,000 in assets. Supreme Power was permanently enjoined from future violations and from filing as an exempt reporting adviser and was ordered to pay a civil money penalty in the amount of $1,182,254. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26535
9. On April 20, 2026, the SEC charged Rakesh Ahuja with insider trading based on confidential information obtained during his employment at an investment advisory firm. Ahuja used material nonpublic information to execute trades through a relative’s account, generating profits of approximately $65,000. Ahuja consented to a final judgment, subject to court approval, including permanent injunctions and a two-year bar from the securities industry, and was ordered to pay disgorgement of $65,404, prejudgment interest of $12,289, and a civil money penalty of $65,404. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26533
10. On April 20, 2026, the SEC and Commodity Futures Trading Commission jointly proposed amendments to Form PF to reduce private fund reporting burdens while maintaining necessary data collection for regulatory oversight. The proposal would raise reporting thresholds, including increasing the filing threshold from $150 million to $1 billion in private fund assets under management and the “large” hedge fund adviser threshold from $1.5 billion to $10 billion, thereby eliminating filing requirements for many smaller advisers. The amendments would also streamline existing reporting requirements and reduce compliance burdens, while continuing to support systemic risk monitoring and investor protection efforts. The proposal is subject to public comment for 60 days following publication in the Federal Register. https://www.sec.gov/newsroom/press-releases/2026-40-sec-cftc-jointly-propose-amendments-reduce-private-fund-reporting-burdens
11. On April 17, 2026, the SEC obtained a final judgment against Kevin Richards for selling unregistered oil and gas securities, acting as an unregistered broker, and failing to disclose conflicts of interest. The SEC’s complaint, filed in September 2025, that Richards sold approximately $12 million in securities to 25 retail investors, receiving over $600,000 in compensation. Richards consented to a judgment in December 2025, permanently enjoining him from future violations and financial activities, and the final judgment ordered him to pay disgorgement of $618,794, prejudgment interest of $128,915, and a $50,000 civil penalty. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26531
12. On April 9, 2026, the SEC charged Kyle Asman and Backswing Ventures GP LLC with defrauding a private fund client and its investors through excessive management fees and misrepresentations. Asman and Backswing Ventures improperly charged over $515,000 in fees and failed to provide required financial statements, while misleading investors about fund operations and credentials. The SEC seeks disgorgement, prejudgment interest, civil penalties, and permanent injunctions. This matter is being litigated. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26525
13. On April 8, 2026, the SEC charged Vestech Partners LLC, affiliates, and Riadh Fakhoury for misleading investors in unregistered fund offerings. From 2019 to 2023, they raised about $90 million by falsely claiming low-risk investments, overstating performance, and failing to disclose conflicts.
Sanctions included:
- Industry bar for Fakhoury
- Censure of the firms
- ~$1.7M disgorgement + interest
- $600K penalty
- Creation of a Fair Fund
Violations included antifraud, registration, and disclosure failures. https://www.sec.gov/files/litigation/admin/2026/33-11413.pdf
14. On April 8, 2026, the SEC instituted proceedings against Danny Salinas and Mai Nguyen for their roles in a fraudulent investment scheme. Between 2017 and 2019, they acted as unregistered salespersons for a purported “church” entity and misled investors by claiming investments were guaranteed, risk-free, and insured, while receiving commissions. Salinas and Nguyen were barred.
15. On April 7, 2026, the SEC announced its Fiscal Year 2025 enforcement results, reporting 456 enforcement actions and total monetary relief of $17.9 billion. The SEC emphasized a shift toward prioritizing cases involving fraud, market manipulation, insider trading, and breaches of fiduciary duty, while moving away from enforcement actions that did not directly harm investors. The SEC also highlighted a focus on individual accountability, with a majority of cases involving individual defendants, and noted it returned approximately $262 million to harmed investors and awarded $60 million to whistleblowers. The SEC stated that its enforcement program is now centered on investor protection and market integrity, aligning enforcement efforts with its core mission. https://www.sec.gov/newsroom/press-releases/2026-34
16. On April 7, 2026, the SEC instituted administrative proceedings against Vean Nguyen and imposed remedial sanctions in connection with her role in a fraudulent investment scheme. According to the SEC’s order, Nguyen acted as a salesperson for an unregistered entity, The Church for the Healthy Self (CHS), and falsely promised investors guaranteed, insured, and tax-deductible returns with no risk of loss. She also received commissions for selling these investments while not being registered as a broker or associated with a registered broker-dealer. The SEC had previously obtained a final judgment permanently enjoining Nguyen from violating antifraud and registration provisions of the federal securities laws. Nguyen was barred. https://www.sec.gov/files/litigation/admin/2026/34-105162.pdf
17. On April 6, 2026, the SEC instituted cease-and-desist proceedings against Caroline Campbell in connection with insider trading in the securities of ImmunityBio, Inc. According to the SEC’s order, Campbell traded on material nonpublic information regarding the FDA’s delay in approving ImmunityBio’s cancer treatment, selling shares on May 9 and 10, 2023 before the public announcement. After the disclosure, the stock price declined approximately 55%, and Campbell avoided losses of approximately $157,066. Without admitting or denying the findings, Campbell agreed to a cease-and-desist order and to pay disgorgement of $157,066, prejudgment interest of $18,130, and a civil penalty of $157,066. https://www.sec.gov/files/litigation/admin/2026/34-105151.pdf
18. On April 6, 2026, the SEC charged Jeffrey Higgins with misappropriating more than $800,000 in securities from multiple advisory and brokerage clients. Higgins operated a sham investment program, misrepresented the purchase of discounted securities, and used falsified documents to divert client assets to his personal account. The SEC seeks disgorgement, prejudgment interest, civil penalties, and permanent injunctions. This matter is being litigated. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26521
19. On April 3, 2026, the SEC charged Vincent Camarda, James McArthur, and A.G. Morgan Financial Advisors, LLC in connection with an offering fraud that raised at least $138 million from over 400 investors. Camarda and McArthur misrepresented high-risk investments as safe and conservative, failed to disclose conflicts of interest, and misappropriated approximately $1,000,000 of client funds for personal use. The SEC seeks disgorgement, prejudgment interest, civil penalties, and permanent injunctions. This matter is being litigated. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26520
20. On April 2, 2026, the SEC instituted administrative proceedings against Bernardo Mendia-Alcaraz in connection with an alleged fraudulent investment scheme involving multiple private funds. According to the SEC’s order, from at least December 2019 through September 2023, Mendia-Alcaraz raised approximately $3.3 million from at least 41 investors through unregistered offerings, making false and misleading statements and guaranteeing returns he could not fulfill. He misused investor funds for Ponzi-like payments and personal expenses, while failing to disclose his prior bankruptcies and criminal history.
The SEC previously obtained a final judgment permanently enjoining him from violating antifraud and registration provisions of the federal securities laws. The current proceeding will determine whether additional remedial sanctions, including industry bars, are appropriate. https://www.sec.gov/files/litigation/admin/2026/ia-6956.pdf
21. On April 2, 2026, the SEC charged the Estate of John Brodacki and Castle Hill Financial Group, LLC in connection with breaches of fiduciary duty and misappropriation of client funds. Brodacki and Castle Hill misappropriated approximately $1,680,000 from at least 18 clients by falsely representing that funds would be invested, while instead using the money for personal expenses, payments to other clients, and family members. The SEC seeks disgorgement, prejudgment interest, civil penalties, and a permanent injunction. This matter is being litigated. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26519