The Securities and Exchange Commission (SEC) has charged Mario Gogliormella, Steven Lacaj, and Karim Ibrahim with fraud for their involvement in selling unregistered membership interests in LLCs that were supposed to invest in pre-IPO companies. This follows previous emergency actions taken by the SEC against StraightPath Venture Partners LLC and Legend Venture Partners LLC, which are now under court-ordered receiverships. The defendants are accused of operating boiler rooms with over 50 unregistered salespeople, misleading investors about inflated share prices, and defrauding them of more than $45 million between 2019 and 2022.
The SEC alleges that Gogliormella, Lacaj, and Ibrahim used high-pressure sales tactics and false representations to convince investors to buy shares at marked-up prices—19 to 105 percent above what the companies paid. The sales force employed deceptive scripts, referred to as the “Bible,” to manipulate investors into making purchases. This scheme resulted in substantial financial gains for the defendants at the expense of unsuspecting investors.
In response to the fraudulent activities, the SEC’s complaint seeks permanent injunctions, the return of ill-gotten gains, and civil penalties against the defendants. Additionally, Adam Ibrahim, Karim Ibrahim’s brother, has been charged as a relief defendant. The U.S. Attorney’s Office for the Southern District of New York has also unsealed an indictment against the trio for securities fraud and other offenses related to their activities with StraightPath and Legend.
The SEC’s ongoing investigation highlights its commitment to addressing fraud in the pre-IPO market. This case follows other recent actions by the SEC targeting similar schemes, including a $528 million pre-IPO fraud and charges against StraightPath sales agents. The SEC continues to focus on protecting investors and ensuring compliance within the pre-IPO investment space.
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