SEC Charges Marat Likhtenstein with $4 Million Offering Fraud

SEC Litigation Releases

Filed February 4th, 2026

Detected February 11th, 2026

Summary

The SEC has charged Marat Likhtenstein with an offering fraud scheme that raised over $4.1 million. Likhtenstein allegedly misappropriated investor funds for personal expenses and Ponzi-like payments. He consented to injunctive relief, with monetary relief to be determined.

View original document View source feed page

What changed

The Securities and Exchange Commission (SEC) has filed charges against Marat Likhtenstein for an offering fraud scheme that defrauded at least 15 advisory clients out of more than $4.1 million. The SEC alleges that Likhtenstein, acting as an investment adviser, falsely represented lucrative investment opportunities to clients, many of whom were elderly and from the Russian-American Jewish community. Instead of investing the funds, he allegedly used approximately $940,000 for Ponzi-like payments to other investors and spent nearly $3.2 million on personal expenses. The complaint charges Likhtenstein with violations of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. He has consented to injunctive relief, with monetary relief, including disgorgement, prejudgment interest, and civil penalties, to be determined later. A parallel criminal action was also brought by the Kings County District Attorney’s Office.

This enforcement action signifies a significant regulatory action against an investment adviser for misappropriation of client funds and fraudulent misrepresentation. Regulated entities, particularly investment advisers, should review their internal controls and client communication practices to ensure compliance with securities laws and prevent similar fraudulent schemes. The SEC's pursuit of both civil and criminal actions, along with the consent to injunctive relief, underscores the severity of these allegations and the potential consequences of non-compliance, including financial penalties and conduct-based injunctions.

Source document (simplified)

Marat Likhtenstein

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26476 / February 5, 2026

Securities and Exchange Commission v. Marat Likhtenstein, No. 25-civ-05412 (E.D.N.Y. filed Sept. 26, 2025)

SEC Charges Marat Likhtenstein in Connection with $4 Million Offering Fraud

On September 26, 2025, the Securities and Exchange Commission filed charges against Marat Likhtenstein for perpetrating an offering fraud scheme primarily targeting the Russian-American Jewish community.

According to the SEC’s complaint, from at least April 2017 through June 2024, Likhtenstein, while acting as an investment adviser, solicited, recommended, and sold self-issued investments in the form of promissory notes that raised more than $4.1 million from at least 15 advisory clients. Likhtenstein falsely told his clients, many of whom were elderly, that if they purchased promissory notes from him through his “side business,” they would earn extraordinary interest rates through investments in highly lucrative business opportunities and deals. However, as the complaint alleges, Likhtenstein did not actually invest the investors' funds. Instead, he allegedly misappropriated their funds by making $940,000 in Ponzi-like payments to other investors and by spending almost $3.2 million on his personal expenses.

The SEC's complaint, filed in the U.S. District Court for the Eastern District of New York, charges Likhtenstein with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The complaint seeks a final judgment ordering Likhtenstein to pay disgorgement, prejudgment interest, and civil penalties, as well as enjoining him from violating the charged provisions and imposing conduct-based injunctions. Likhtenstein, without admitting or denying the allegations, consented to a bifurcated settlement, agreeing to the injunctive relief, with monetary relief to be determined at a later date. On February 4, 2026, the Court entered the consent judgment.

On March 12, 2025, Likhtenstein was charged in a parallel criminal action brought by the Kings County District Attorney’s Office.

The SEC’s investigation was conducted by John C. Lehmann, Natallia Krauchuk, Patricia Schrage, Jacqueline A. Fine, and Lindsay S. Moilanen under the supervision of Mark R. Sylvester of the New York Regional Office. The litigation will be led by Ms. Krauchuk and Hayden M. Brockett under the supervision of Jack Kaufman. The SEC appreciates the assistance of the Kings County District Attorney’s Office.