On November 5, 2020, Conrad Coggeshall settled charges that he defrauded elderly investors in a company he called BOTR, LLC. According to the complaint, Coggeshall made multiple misrepresentations to investors, including that they were investing in BOTR, LLC, a successful mergers and acquisition firm based in New York, their investments were safe and insured, and they would receive periodic interest payments at a high, fixed rate. The complaint alleged that Coggeshall instead deposited investors’ funds into brokerage and bank accounts in the name of an entity that he owned and that did not engage in mergers or acquisitions. According to the complaint, Coggeshall used investor funds to trade securities, incurring significant losses, and to pay personal expenses and to make payments to investors. [https://www.sec.gov/litigation/admin/2020/34-90358.pdf]