The SEC sued a California entrepreneur and his companies for allegedly running a Ponzi-like scheme that raised $37 million from at least 100 investors through fake investment opportunities.
Satish Appalakutty operated the scheme through Lorven Funds and Lorven Advisors LLC from 2019 through March 2024, targeting many investors he met through a Hindu temple in the San Francisco Bay Area, according to the Securities and Exchange Commission’s complaint filed Thursday in the US District Court for the Northern District of California.
Appalakutty and his companies allegedly promised investors they would buy discounted shares of public companies or pre-IPO stocks, with ...