Massachusetts Securities Division Charges Nantasket Trading and David Markiewicz with Fraud

1 COMMONWEALTH OF MASSAC HUSETTS OFFICE OF THE SECRETARY OF THE CO MMONWEALTH SECURITIES DIVISION ONE ASHBURTON PLACE, ROOM 1701 BOSTON, MASSACHUSETTS 02108)))))))) IN THE MATTER OF: NANTASKET TRADING, LLC, AND DAVID MARKIEWICZ RESPONDENTS. Docket No. E-2025-0145 ADMINISTRATIVE COMPLAINT I. PRELIMINARY STATEMENT Th e Securities Division of the Office of the Secretary of the Commonwealth of Massachusetts (the “Division”) fi le s th is adm in ist ra ti ve c omp la in t (t he “Co mp la int ”) t o co mm enc e an adj udi ca tor y pr oc ee din g ag ain st resp on de nts Nantasket Trading, LLC (“ Na nta sk et”) and Da vid Mark ie wic z (“M ar kie wi cz”) (to get he r, “R esp on den t s ”), fo r vi ol ati on s of the Massachusetts Unifor m Securities Act, M.G.L. c. 110A (the “Act”), and the regulations promulgated thereunder at 950 CMR 10.00-14.413 (th e “ Re gu lat ion s”). The Division alleges that Respondents engaged in acts and practices in violation of Sections 101, 102, 201, and 301 of the Act and Regulations by fraudulently misrepresenting the purpose and use of funds exchanged for unregistered securities offered and sold in Massachusetts. Specifically, Markiewicz, through a limited liability company, solicit ed investor funds, while misrep resenting his past and current success trading securities and diverted investor funds for personal use. The Division seeks a n o rd er: (1) fi nd ing as fa ct all al le ga tio ns se t fort h in Sec ti ons I V th rou gh VI of th is Comp la in t; (2) con clu di ng tha t Re spo nd ent s vi ol ate d th e Ac t and the

2 Re gu lat io ns as all ege d in Se cti on V II of this Com pl ai nt; (3) fin din g tha t all of the san cti on s an d rem edi es de ta ile d here in ar e nece ss ary o r ap pr opr ia te in the pu bl ic int er est or for th e pr ot ect io n of i nve st ors an d con si ste nt wi th the p urp os es fa irl y int end ed by th e pol icy an d pr ov isi on s of t he Act; (4) re qu iri ng Res po nde nt s to p erm an ent ly ce ase an d des ist fr om fu rth er ac ts and pra ct ic es i n vi ola ti on o f t he A ct and Reg ul ati on s; (5) censuring Respondents; (6) re qu iri ng Re sp ond en ts to pr ov ide a ver if ie d a cc oun ti ng of al l pro ce eds r ece iv ed as a re sul t o f th e w ron gdo in g; (7) req ui rin g R esp on den ts to d is gor ge all il l-g ot ten ga in s re ce ive d i n co nn ect io n with the w ron gd oin g; (8) re qui ri ng Re spo nd en ts to o ffe r res ci ss ion to and f air ly co mp ens at e inv est or s, inc lu di ng in ter es t, for th ose lo sse s att ri but ab le to the wr ong do ing; (9) re qu iri ng R esp on den ts t o pay f or all th e cost s tha t th e Div is ion inc urr ed in con du cti ng i ts in ve sti ga tio n an d pr oce ed ing; (10) permanently barring Markiewicz from registering in Massachusetts as, associating or affiliating with, or acting as a(n) broker -dealer, broker- dealer agent, investment adviser, investment adviser representative, Securities and Exchange Commission-registered investment adviser, an investment adviser exempted from registration, a person relying on an exclusion from the definition of inves tment adviser or broker- dealer in any capacity, issuer, issuer-agent, or as a partner, officer, director, or control person of any of the foregoing; (11) pe rm an ent ly bar rin g Res pon de nts fr om off er in g o r s ell in g se cu ri tie s f rom o r wi th in Mas sa chu se tts, and to pe rso ns or en tit ie s in Ma ssa ch us ett s; (1 2) imp osi ng ad mi nis tra ti ve fin es on Re sp ond en ts in su ch am oun t a nd upo n su ch term s and con di tio ns as the Dir ect or or Pre si di ng Of fi cer may det erm ine; an d (13) ta kin g an y suc h fur th er ac tio ns that may be necessary or appropriate in the public interest or for the protection of investors.

3 II. SUMMARY The Division initiated its investig ation into Respondents’ securities activity in the Commonwealth after receivi ng complaints from seven distressed Mas sachusetts-based investors beginning in April 2025. Based on the in formation obtained by the Division, beginning as early as 2017, Markiewicz engaged in a scheme to defraud numerous former co -workers from a hotel in Boston, Massachusetts – Markiewicz for his part, purported to offer a get rich quick options and securities program. A majority of Mar kiewicz’s activity occurred after 2020, when the world was dealing with a global pandemic that closed or significantly limited numerous businesses, including the hotel in Boston. Given these events, Markiewicz preyed upon former co -workers, m any of whom were searchi ng for a source of income during this tim e. Markiewicz, h owever, used these funds to trade highly- leveraged, high-risk securities and used these funds as a piggy bank. Over the course of eight years, Markiewicz ’s poor t rading performance, coupled with the misappropriation of investor funds, resulted in Markiewicz losing or spending approximately $703,702.50 of investor funds. In 2017, Ma rkiewicz began to solicit and receive investor funds through Nantasket Trading, LLC (“Nantasket”), a Delaware limited liabili ty company Markiewicz formed in Delaware. Nantasket ca me complete with a marketing logo and other attributes designed to give off the air of legitimacy. Nonetheless the entity was a sham. Markiewicz represented to his investors that their money would be managed through a pooled investment fund at Nantasket. However, at no time did Mar kiewicz apply to register himself, Nantas ket, or the pooled investment fund as required by the Act. Mar kiewi cz pooled all investor funds into his per sonal bank account and traded futures and options

4 contracts with the funds through his personal Tastytrade, Inc. brokerage account (the “Markiewicz Tastytrade Account”). While converting investor funds for his personal use, Markiewicz on numerous occasions misrepresented investor the legitimacy of both his operations and fund performance. Specifically, he misrepresented the amount of asse ts he had under management and provided certain investors with fake “ earnings statements ” and “ account performance summaries ” reporting falsified balances. When his personal use of investor funds and high risk trading practices nearly drained the Markiewicz Tas tytrade Account in August of 2020, he sent investors an e-mail saying that “[t]he time couldn’t be more advantageous” to invest. After this e-mail, and over the course of the next three years, Markiewicz received $523,000.00 from investors. Throughout the scheme, Markiewicz suffered significant losses in the Markiewicz Tastytrade Account and regularly withdrew client funds for per sonal use. In total, Markiewicz received approximately $703,702.50 fro m twelve investors. Of that amount, Markiewicz only transferred $528,839.62 to the Markiewicz Tastytrade Account, the remaining funds were div erted in his personal bank account. This money was used to cover personal expenses such as travel, dining a t restaurants, online shopp ing, and a soccer academy. Additionally, Markiewicz on more than one occasion, used funds from one investor to return funds to a previous investor. Markiewicz routinely withdrew additiona l funds from the Markiewicz Tastytrade Account. These additional withdrawals totaled to $161,010.63. Consequently, the last reported balance of the Markiewicz Tastytrade Account is $1.37. For these rea sons, the Division files this administrative complaint seeking relief for Massachusetts investors.

5 III. JURISDICTION AND AUTHORITY 1. The Division has jurisdiction over m atters relating to securities pursuant to the Act and Regulations. 2. The Division brings this action pursuant to the auth ority granted by Sections 407A, 412, and 414 of the Act, wherein the Division has the authority to conduct an adjudica tory proceeding to enforce the provisions of the Act and the Regulations. 3. The Division files this Complaint in accordance with Section 10.06 of the Regulations. 4. The Divis ion ’s investi gation is current and ongoing and may result in the filing of additional administrative complaints. IV. RELEVANT TIME PERIOD 5. Except as otherwise expressly stated, the act s and practices described herein occurred during the approximate time period of January 17, 2017 to the present (the “Relevant Time Period”). V. RESPONDENTS 6. David Mark iewicz (“ Markiewicz ”) is a natural p erson with a last known address in Hull, Massachusetts. Markiewicz has never been registered as a broker-dealer, broker- dealer agent, investment advisor, or investment advisor representative in Massachusetts. 7. Nantasket Trading, LLC (“Nantasket”) is a limited liability company organized under the laws of Delaware. Upon information and belief, Markiewicz is the sole member of Nantasket.

6 VI. STATEMENT OF FACTS A. Markiew icz Conducted a Scheme to Defraud Massachusetts Residents. 8. From approximately 2015 through 2017, Markiewicz work ed as a banq uet server at a hotel in Boston, Massachusetts (the “Boston Hotel”). 9. Beginning in 2017, Markiewicz claimed to operate Nantasket, a purported pooled investment fund. 10. Around this time, Markiewicz also began to solicit investments from his former coworkers at the Boston Hotel. 11. In total, M arkiewicz obtained approximately $703,702.50 from Massachusetts investors — nearly all of whom worked with Markiewicz at the Boston Hotel. 12. Markiewicz used investor funds for p ersonal use and transferred the remainder to a personal brokerage account. 13. In this account, Markiewicz engaged in risky securities trading strategies, ultimately losing all of the investors’ hard earned money. B. Markiewicz Begins Trading Using Nantasket Trading, LLC. 14. On January 12, 2017, Markiewicz opened the Markiewicz Tastytrade Account. 15. Markiewicz executed a Futures Customer Agreement, Portfolio Margin Agreement, and Options Agreement that allowed him to trade derivatives in the Markiewicz Tastytrade Account. 16. On Decem ber 1, 2017, Markiewicz caused Nantasket to be organized in the State of Delaware. 17. On or about August 31, 2018, Markiewicz opened a Tastytrade brokerage account on behalf of Nantasket (“Nantasket Tastytrade Account”).

7 18. Markiewicz never funded the Nantasket Tastytrade Account. 19. After opening the Nantasket Tastytrade Account, Markiewicz requested permission from Tastytrade to trade futures (“Futures Trading Request”) in the Nantasket Tastytrade Account. 20. On February 4, 2020, Tastytrade requested addit ional information about Nantasket’s business and registration status for the Futures Trading Request. 21. Markiewicz responded to Tastytrade and stated the following day on behalf of Nantasket that he would provide responses to the information request. 22. On April 22, 2020, Tastytrade cancelled the Futures Trading Request for the Nantasket Tastytrade Account after Markiewicz failed to provide the requested information. C. For Years, Respondents’ Defrauded Massachusetts Reside nts of their Hard- Earned Savings. 23. Sh ortly after leaving the banquet server position and a proprietary trading firm, Markiewicz began soliciting his former banquet server coworkers to invest with Nantasket. 24. Markiewicz used the e-mail address David@Nantaskettrading.com to communicate with his investors and prospective investors. 25. Markiewicz falsely claimed to pr ospective investors that he had extensive knowledge and experience trading securities and managing assets. 26. Markiewicz offered to manage investor funds through a pooled investment fund at Nantasket in exchange for a percentage of the profits. 27. Markiewicz directed certain investors to sign a “Profit - Sharing Agreement,” while others investors were asked to sign an “Investment Management Agreement.”

8 28. Markiewicz provided investors with Tastytrade’s “Lim ited Trading Authorization Form.” 29. Markiewicz claimed this form was necessary to grant him the authority to trade the investors’ funds within a pooled account. 30. In reality, Markiewicz never submitted the completed Limited Authorization Forms to Tastytrade and instead traded investor funds in the Markie wicz Tastytrade Account, his personal account. 31. Typically, upon receiving investor’s funds, Mar kiewicz deposited the funds into his personal bank account and transferred a portion of those funds to the Markiewicz Tastytrade Account. 32. Unbeknownst to investors, Markiewicz used their m oney to pay his personal expenses, including thousands of dollars paid to a soccer academy in Arizona, with investor funds diverted away from the Markiewicz Tastytrade Account. 33. Markiewicz traded the fu nds transferred to the Markiewicz Ta stytrade Account in highly-leveraged, high-risk securities. 34. Markiewicz also withdrew funds from the Tastytrade Account to pay for his personal expenses. 35. In total, Markiewicz received approximately $703,702.50 from investors. Of that amount, Markiewicz only transferred $528,839.62 to the Markiewicz Tastytrade Account. 36. From April 23, 2019, to April 12, 2023, Markiewicz m ade 148 withdrawals, totaling $161,010.63 from the Markiewicz Tastytrade Account.

9 37. Markiewicz lost the remaining funds trading. As a result, the Markiewicz Tastytrade Account has been inactive since August 31, 2023, with a balance of $1.37 as of March 31, 2025. 38. Despite Markiewicz suffering, $367,827.62 in trading losses and misappropriating nearly 50% of investor funds over the course of his scheme, Mar kiewicz provided investors with “earnings reports” which cla imed investors were earning annual returns exceeding 37% in 2021, 16% in 2022, and 15% in 2023. 39. At least 13 times, Markiewicz provided investors with a document purporting to be “Investor Earning Statements” which contained fictitio us balances. i. Investors 1 and 2 40. Investors 1 and 2 are a married couple residing in Massachusetts who met Markiewicz while working at the Boston Hotel. 41. Between January 24, 2019, and August 25, 2022, Investors 1 and 2 gave $505,068.00 to Markiewicz, believing he would inves t and manage thes e funds on their behalf. 42. Markiewicz only transferred $414,000.00, of the $505,068.00, to the M arkiewicz Tastytrade Account. 43. For example, on January 3, 2020, Investors 1 and 2 gave Markiewicz two checks totaling $30,068.00 for investment. 44. On January 3, 2020, prior to depositing $30,068.00 from Investor s 1 and 2 to Markiewicz for investment, Markiewicz’ s personal bank account balance was $2.03. 45. On January 7, 2020, Markiewicz tr ansferred $10,000.00 to the Markiewic z Tastytrade Account from his personal bank account.

10 46. Upon information and belief, Markiewicz diverted $20,068.00 for personal use. 47. In another instance, on April 19, 2021, Investors 1 and 2 gave Markiewicz a check for $100,000.00 with the memo line “Nantasket Trading” for investment. 48. On April 19, 2021, prior to depositing $100,000.00 from Investors 1 and 2, Markiewicz’ s personal bank account balance was negative $246.40. 49. On April 22, 2021, Markiewicz transferred $75,000.00 to the Mar kiewicz Tastytrade Account. 50. Upon information and belief, $25,000.00 was diverted for personal use. 51. Similarly, on August 12, 2021, Investors 1 and 2 gave Markiewicz a check for $300,000.00 with the memo line “Nantasket Trading” for investment. 52. On August 12, 2021, prior to depositing $300,000.00 from Investors 1 and 2, Markiewicz’ s personal bank account balance was $60.26. 53. Between August 16, 2021, and August 19, 2021, inclusive, Markiewicz transferred $270,000.00 to the Markiewicz Tastytrade Account. 54. Upon information and belief, Markiewicz diverted $30,000.00 for personal use. 55. On August 1, 2021, the Markiewicz Tastytrade Account balance was $2,052.04. 56. Despite depositing $270,000.00 in August 2021, on August 31, 2021, the Markiewicz Tastytrade Account balance was $257,178.85 because of withdrawals. 57. Between August 31, 2021, and February 28, 2022, inclusive, Markiewicz made 43 withdrawals totaling $69,000.00 from the Markiewicz Tastytrade Account, and suffered trading losses in the am ount of $184,171.02, bringing the Markiewicz Tastytrade Acc ount balance to $9,007.45 as of February 28, 2022. 58. On August 20, 2022, Investors 1 an d 2 executed a Profit Sharing Agreement with

11 Markiewicz, requiring Mar kiewicz to “return the total sum originally deposited/inve sted on/or before, Dece mber 15, 2022, along with, 80% of any profits earned from the total sum originally deposited/invested.” 59. As of the date of this complaint, Investors 1 and 2 have not receive d any of their funds back from Respondents. 60. The transfers and expenditures discussed above, and in the remainder of Section VI(D)(i)-(viii) are in line with a pattern of behavior that Markiewicz established over eight years. Markiewicz would solicit investor funds, deposit a portion into the Mar kiewicz Tastytrade Account, and divert the remainder to pay personal expenses. 61. Upon information and belief, when Markiewicz was unable to support his lifestyle with the pattern of behavior described in Paragraph 60, Markiewicz depleted investor funds in the Markiewicz Tastytrade Account to pay personal expenses. ii. Investors 3 and 4 62. Investors 3 and 4 are a married couple residing in Massachusetts who met Markiewicz while working at the Boston Hotel. 63. Between March 3, 2020, and January 6, 2021, Investors 3 and 4 gave $77,000.00 to Markiewicz, believing he would invest and manage these funds on their behalf. 64. Of the $77,000.00, Markiewicz only transferred $39,550.00 to the Markiewicz Tastytrade Account. 65. Upon information and belief, Markiewicz diverted $37,450.00 for personal use. 66. For example, between July 14, 2020 and July 16, 2020, incl usive, Investors 3 and 4 transferred a total of $15,000.00 to Markiewicz for investment. 67. On July 14, 2020, prior to the transfers by Investors 3 and 4, Markiewicz’ s personal

12 bank account balance was $0.35. 68. Upon information and belief, on July 16, 2020, Markiewicz used $6,500.00 for personal expenses. 69. Upon information and belief, o n July 16, 2020, Markiewicz transferred $4,000.00 to the Markiewicz Tastytrade Account. Markiewicz diverted $11,000.00 for personal use. iii. Investors 5 and 6 70. Investors 5 and 6 are a married couple residing in Massachusetts who met Markiewicz while working at the Boston Hotel. 71. On or about March 30, 2021, Investor s 5 and 6 executed an Investment Management Agreement with Nantasket and Markiewi cz. 72. On October 20, 2022, Investors 5 and 6 gave Markiewicz a check for $3,000.00, believing he would invest and manage these funds on their behalf. 73. On October 20, 2022, Markiewicz’ s personal bank account balance was negative $245.31. 74. Of the $3,000.00 invested with Markiewicz by Inve stors 5 and 6, Markiewicz transferred only $20.00 to the Mar kiewicz Tastytrade Account fro m his personal bank account. 75. Upon information and belief, Markiewicz diverted $2,880.00 for personal use. iv. Investor 7 76. Investor 7 is a natural person residing in Massachusetts who met M arkiewicz whil e working at the Boston Hotel. 77. On June 16, 2022, Investor 7 gave Markiewicz a check for $5,000.00, believing Markiewicz would invest and manage these funds on Investor 7’s behalf.

13 78. On June 16, 2022, Markiewicz’ s personal bank account balance was $9.12. 79. On June 21, 2022, Markiewicz transferred $3,992.00 to a Santander bank account, jointly held by Markiewicz and his adult so n, leaving his personal account balance at $0.59. 80. Markiewicz transferred none of the $5,000.00 investment to the Markiewicz Tastytrade Account. 81. Upon information and belief, Markiewicz diverted $5,000.00 for personal use. v. Investor 8 82. Investor 8 resid es in Massachusetts and met Markiewicz while working at the Boston Hotel. 83. Between February 7, 2019, and May 19, 2020, inclusive, Investor 8 gave $43,634.50 to Markiewicz, believing Markiewicz would invest and m anage these funds on Investor 8’s behalf. 84. However, Markiewicz only transferred $31,000.00 to the Mar kiewicz Tastytrade Account. 85. Upon information and belief, Markiewicz diverted $12,634.50 for personal use. 86. For exam ple, on May 8, 2020, Investor 8 gave Markiewicz a check for $30,000.00. 87. On May 8, 2020, Markiewicz’ s personal bank account balance was $380.39. 88. Upon information and belief, on May 18, 2020, Markiewicz used $6,200.00 for personal expenses. 89. On May 19, 2020, Markiewicz only transferred $20,000.00 to the Markiewicz Tastytrade Account. 90. Upon information and belief, Markiewicz diverted $10,000.00 for personal use.

14 vi. Investors 9 and 10 91. Investors 9 and 10 are a married couple residing in Massachusetts who met Markiewicz while working at the Boston Hotel. 92. On September 5, 2020, Investors 9 and 10 gave Markiewicz a check for $10,000.00, believing Markiewicz would invest and manage these funds on their behalf. 93. On September 5, 2020, Markiewicz’s personal bank account balance was $3.19. 94. Of the $10, 000.00 invested with Markiewicz by Investors 9 and 10, Markiewicz only transferred $7,000.00 to the Markiewicz Tastytrade Account. 95. Upon information and belief, Markiewicz diverted $3,000.00 for personal use. vii. Investor 11 96. Investor 11 resides in Massachusetts. 97. On April 11, 2023, Investor 11 gave $20,000.00 to Markiewicz, believing Markiewicz would invest and manage these funds on their behalf. 98. However, Mar kiewicz transferred none of Investor 11’s money to the Markiewicz Tastytrade Account. 99. Upon infor mation and belief, o n April 13, 2023, Markiewicz diverted $20,000.00 by providing Investor 12 with a $20,000.00 cashier’s check. viii. Investor 12 100. Investor 12 is a natural person residing in Massachusetts who met Mar kiewicz while working at the Boston Hotel. 101. Between August 19, 2020 and August 20, 2020, Investor 12 inves ted $10,000.00 with Markiewicz with the understanding that Markiewicz would trad e the funds, and at the

15 end of the year Markiewicz was to transfer the initial funds back to Investor 12 and keep all profits in the pooled investment fund. 102. Of the $10, 000.00 invested by Investor 12 with Mar kiewicz, Markiewicz only transferred $2,700.00 to the Markiewicz Tastytrade Account. 103. Between April 8, 2021 and April 23, 2021, Markiewicz transferred $19,500.00 back to Investor 12, purportedly as return of principal and investment profits. 104. On two separa te occasions in 2021, Investor 12 invested an additional $5,000.00 with Markiewicz, totaling $10,000.00. However, Markiewicz only transferred $6,999.62 to the Markiewicz Tastytrade Account. 105. Under the belief that Markiewicz had been successfully trading, between April 1, 2022, and April 8, 2022, Investor 12 invested an additional $20,000.00 with Markiewicz. At the end of the year Markiewicz was to transfer the initial funds back to Investor 12 and keep all profits in the pooled investment fund. 106. Of the $20,000.00 invested with Markiewicz by Investor 12 in April 2022, Markiewicz only transferred $13,500.00 to the Markiewicz Tastytrade Account. 107. On April 11, 2023, Markiewicz received $20,000.00 from Investor 11, and on April 13, 2023, Markiewicz provided Investor 11 with a $20,000.00 cashier’s check. 108. Of the tot al $50,000.00 invested with Markiewicz by Investor 12, Markiewicz transferred only $30,199.62 to the Markiewicz Tastytrade Account. D. Markiew icz Suffered Significant Losses in his Tastytrade Account and Regularly Withdrew Client Funds for Personal Use. 109. From January 1, 2020, and August 31, 2024, Markiewicz prim arily trade d futures

16 contracts 1 and options contracts 2 in the Mar kiewicz Tastytrade Account and suffered significant losses. 110. Markiewicz utilized futures and options contracts in a highly-leveraged, high-risk investment strategy. 111. Markiewicz suffered substantial losses in the months shortly after transferring investor funds to the Markiewicz Tastytrade Account. 112. On April 22, 2021, Markiewicz transferred $75,000.00 of Investors 1 and 2 ’s funds to the Markiewicz Tastytrade Account. 113. Markiewicz suffered losses of $38,390.73 in April 2021, and $20,289.89 in May 2021. During that period, Markiewicz withdrew $14,400.00, causing the balance of the Markiewicz Tastytrade Account to drop to $678.67 on May 31, 2021. 114. Between August 16, 2021, and August 19, 2021, Markiewicz transferred $270,000.00 of Investor 1 and 2 ’s funds to the Markiewicz Tastytrade Account. 115. However, on August 31, 2021, the Markiewicz Tastytrade Account balance was $257,178.85. 116. Despite favorable market conditions, from Sept ember 1, 2021, to May 31, 2022, the Markiewicz Tastytrade Account lost $254,011.37, falling to just $3,167.48 on May 31, 2022. During that period, Markiewicz withdrew $74,750.00 from the Markiewicz Tastytrade Account. 117. During this period, the Markiewicz Tastytrade Account experienced its greatest losses in October 2021, losing $109,234.79, and in January 2022, losing $91,367.78, 1 Futures contracts are a legal agreement to buy or sell a parti cular commodity asset, or security at a predetermined price at a spec ified time in the future. 2 Options contracts are a contract that represents the right to buy or sell a financial product at an agreed- upon price for a specific perio d of time

17 118. Despite depositing a total of $528,839.62 into the Markiewicz Tastyt rade Account between January 1, 2019 and April 12, 2023, Markiewicz made 148 withdrawals, totaling $161,010.63, leaving the current Markiewicz Tastytrade Account balance at $1.73. 119. Meanwhile, between January 1, 2019 and April 12, 2023, the S&P 500 experienced annualized returns of approximately 21.87%, with a total gain of 99.55%. E. Markiewicz Misrepresented his Investment Performance to Investors. 120. On June 22, 2020, Markiewicz sent an e-mail to his investors, falsely claiming that Nantasket had crossed a certain threshold of assets under management, requiring the firm to register with the Securities Exchange Commis sion (“SEC”). 121. Markiewicz represented to investors that Nantasket was an Investment Adviser, and as such was registered with securities regulators. In truth, Nantasket had no regulatory oversight as it was unregistered. 122. SEC registration is typ ically required when an advisor has $100 million or more in assets under management. 123. In reality, from June 1, 2020, to June 30, 2020, Markiewicz’s Tastytra de A ccount had lost $33,346.91, falling from $34,225.56 to just $878.65. 124. The balance of the Markiewicz Tastytrade Account never exceeded $ 257,178.85, far short of the $100 million threshold for SEC registration. 125. Upon information and belief, neither Markiewicz nor Nantasket has ever filed an application for registration with the SEC or any state regulator. 126. On August 1, 2020, the Markiewicz Tastytrade Account had a balance of $44.67. 127. On August 11, 2020, Markiewicz sent investors an e-mail soliciting additional funds, and stated “[t]he time couldn’t be more advantageous.”

18 128. Following his e-mail, Markiewicz obtained $10,000.00 from Investor 12, of which only $2,700.00 was transferred to the Markiewicz Tastytrade Account. 129. From August 31, 2020, to September 30, 2020, Markiewicz’s Tastytrade A ccount lost $2,772.23, falling from $2,825.29, to just $53.06. 130. Markiewicz provided Investor s 1 and 2 with a “ 2021 Quarterly Account Performance Summ ary ” which indicated Investo rs 1 and 2 ’s investment experienced gains in the amount of $165,230.43 from January 1, 2021, to December 31, 2021. 131. In reality, the Markiewicz Tastytrade Account lost $140,506.62 over that period. 132. From January 1, 2021, to December 31, 2021, Markiewicz transferred $369,399.62 of investor funds to the Markiewicz Tastytrade Account and withdrew $81,010.00. 133. On January 19, 2023, Mar kiewicz provided Investors 3 and 4 with a document purporting to be Investor 3 and 4’s “ 2022 Earnings Statement,” which indicated Investors 3 and 4 ’s investment had grown $25,427.15, from $151,2 22.14 on January 1, 2022 to $176,649.29 on December 31, 2022. 134. Additionally, Markiewicz provi ded Investors 1 and 2 with a different document purporting to be Investor 1 and 2’s “ 2022 Earnings Statement,” which indicated Investors 1 and 2 ’s investment had grown $182,151.57, from $819,445.37 on January 1, 2022, to $1,001,596.94 on December 31, 2022. 135. In reality, the Markiewicz Tastytrade Account had lost $147,041.33 over that period, falling from $147,044.83 on January 1, 2022, to $3.50 on December 31, 2022. 136. On February 2, 2024, Mar kiewicz provided Investors 3 and 4 with a document purporting to be Investor 3 and 4’s “2023 Earnings Statement,” which indicated Investors

19 3 and 4 ’s investment had grown $24,885.96, from $176,451.35 on January 1, 2023, to $201,337.31 on December 31, 2023. 137. Additionally, Markiewicz lat er provided Investors 1 and 2 with a document purporting to be Investor 1 and 2’s “ 2023 Earnings Statement,” which indicated Investor 1 and 2 ’s investment had grown $163,616.37, from $1,001,596.94 on January 1, 2023, to $1,165,213.31 on December 31, 2023. 138. In reality, the Markiewicz Tastytrade Account had a balance of $3.50 on January 1, 2023, and on December 31, 2023, the account balance was $14.23. F. Markiewicz Continued to Perpetrate the Fraud Despite Losing Nearly All Investor Funds. 139. Over the course of his scheme, Markiewicz lost nearly all investor funds by poorly trading highly-leveraged, high-risk securities, and as a result, the Markiewicz Tastytrade Account has been inactiv e since August 31, 2023, with a balance of $1.37 as of March 31, 2025. 140. On May 14, 2025, Markiewicz sent an e -mail to investors (the “May 14 Markiewicz E- mail”) with the subject line “Making things right.” 141. In the May 14 Markiewicz E-mail, Markiewicz accepted responsibility for his fraud and promised to “make amends for [his] transgressions.” 142. The May 14 Mar kiewicz E- mail omitted any statement regarding Markiewicz’s misappropriation of funds, including depositing only a portion of investor funds to the Markiewicz Tastytrade Account and using the Markiewicz Tastytrade Account as his piggy bank.

20 VII. VIOLATIONS OF LAW Count I - Violations of M.G.L. c. 110A, § 101 126. Section 101 of the Act provides: It is un lawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly (1) to employ any device, scheme, or artifice to defraud, (2) to make any untrue statement of a material fact or to omit to state a material fact necessary in orde r to make the statements made, in light of the circumstances under which they are made, not misleading, or (3) to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person. M.G.L. c. 110A, § 101. 127. Respondent s’ acts and pra ctices, as described above, constitute violations of M.G.L. c. 110A, § 101. Count II – Violations of M.G.L. c. 110A, § 102 128. Section 102 of the Act provides: It is unlawful for any person who receives, directly or indirectly, any consideration from another person primarily for advising the other person as to the value of securities or their purchase or sale, whether through the issuance of analyses or reports or otherwise (1) To employ any device, scheme, or artifice to defraud the other person, or (2) to engage in any act, practice, or course of business which operates or would operate as fraud or deceit upon the other person. M.G.L. c. 110A, § 102. 129. Respondents’ acts and practices, as described above, constit ute violations of M.G.L. c. 110A, § 201. Count III – Violations of M.G.L. c. 110A, § 201(c)

21 130. Section 201 of the Act provides in relevant part: (c) It is unlawful for any person to transact business in this commonwealth as an investment adviser or as an investment adviser representative unless he is so registered under this chapter. M.G.L. c. 110A, § 201. 131. Respondents ’ acts and practices, as described above, constit ute violations of M.G.L. c. 110A, § 201. Count IV – Violations of M.G.L. c. 110A, § 301 132. Section 301 of the Act provides in relevant part: It is unlawful for any person to offer or sell a ny security in the commonwealth unless: (1) the security is registered under this chapter; (2) the security or transaction is exempted under section 402; or (3) the security is a federal covered security. M.G.L. c. 110A, § 301. 133. Section 401(k) of the Act provides: ''Security'' means any note; stock; tr easury stock; bond; debenture; evidence of indebtedness; certificate of interest or participation in any profit-sharing agreement; collateral-trust certificate; preorganization certificate or subscription; transferable share; investment contract; voting-trust ce rtificate; certificate of deposit for a security; certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; or, in general, any interest or instrument commonly known as a ''security,'' or any certi ficate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. ''Security'' does not include any insurance or endowment policy or annuity contract under which an insurance company promises to pay money either in a lump sum or periodi cally for life or some other specified period. 134. Respondents’ acts and practices, as described above, constit ute vi olations of M.G.L. c. 110A, § 301.

22 VIII. STATUTORY BASIS FOR RELIEF Section 407A of the Act provides, in pertinent part: (a) If the secretary determines, after notice and opportunity for hearing, that any person has engaged in or is about to engage in any act or practice constituting a violation of any provision of this ch apter or any rule or order issued thereunder, he may order such person to cease and desist from such unlawful act or practice and may take such affirmative action, including the imposition of an administ rative fine, the issuance of an order for an accounting, disgorgement or rescission or any other such relief as in his judgment may be necessary to carry out the purposes of [the Act]. M.G.L. c. 110A, § 407A. IX. PUBLIC INTEREST For any and all of t he reasons set forth above, the Division asserts that this “action is necessary or appropriate in the public int erest or for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of [the Act].” X. RELIEF REQUESTED The Division requests that an order be entered: A. Finding as fact all allegations set forth in Sections IV through VI of the Complaint; B. Concluding that Respondents violated the Act and the Regulations as alleged in Section VII of the Complaint; C. Fi nd ing t ha t all of the s an ct ion s an d rem edi es d eta il ed he rei n are nec es sa ry or ap pr opr ia te in t he p ubl ic i nte re st or f or the pr ot ec tio n of in ve sto rs a nd co ns is ten t wi th th e pur po ses f air ly in te nde d by th e p ol ic y a nd pr ov isi on s o f th e A ct; D. Re qu iri ng Re sp ond en ts t o per ma nen tl y ce ase a nd desi st f rom fur the r ac ts a nd pr ac tic es in v iol at ion of the A ct an d R eg ula ti ons; E. Ce ns uri ng Re sp ond en ts; F. Re qu iri ng Resp on de nts to pr ov id e a ve rif ied ac cou nt ing of al l p roc eed s th at wer e

23 re ce ive d as a res ul t o f th e w ron gd oin g; G. Re qu iri ng Res po nde nt s to di sgo rg e al l ill- got te n ga in s in co nn ect ion wi th the wr ong do ing; H. Re qu iri ng Re sp ond en ts to mak e res cis sio n offe rs, i nc lud in g inte re st, t o all inv es tor s in c onn ec tio n wit h the w ro ngd oi ng; I. Re qu iri ng R esp on den ts to of fe r res ci ss ion to an d fa irl y com p ens ate inv es to rs, in cl udi ng in te res t, fo r th ose lo ss es at tri bu ta ble t o t he wr on gd oin g; J. Re qu iri ng Res pon de nts to pay fo r al l th e c os ts t hat th e Di vi sio n i ncu rr ed i n co nd uc tin g it s inv es tig ati on a nd pr oce ed ing; K. Permanently barring Respondents from registering in Massachusetts as, associating or affiliating with, or acting as a(n) broker -dealer, broker-dealer agent, investment adviser, investment adviser representative, Securities and Exchange Commission- registered investment adviser, an investment adviser exem pted from registration, a person relyin g on an exclusion from the definition of investment adviser or broker- dealer in any capacity, iss uer, issuer-agent, or as a partner, officer, director, or control person of any of the foregoing; L. Pe rm ane nt ly bar rin g R es pon de nts fr om of fer in g or s ell in g s ecu ri tie s f rom o r w ith in Ma ssa ch us ett s, an d to pe rso ns o r e nt iti es in M as sac hu set ts; M. Im po sin g adm in is tra ti ve fi nes on Res po nde nt s in suc h amo un t and u po n suc h ter ms an d con di tio ns as t he Di rec to r or Pr esi di ng Of fic er ma y det er min e; and

ntonio Es noza, Esq., RICE Section Alexander Theuman, Esq., Enforcement Section Office of the Secretary of the Commonwealth One Ashburton Place, Room 1701 Boston, Massachusetts 02108-1552 tel. (617) 727-3548 fax. (617) 248-0177 N. Taking any such further actions that may be necessary or appropriate in the public interest or for the protection of investors. Dated: June 16, 2025 MASSACHUSETTS SECURITIES DIVISION 24