The Securities and Exchange Commission (SEC) today charged Alan Burak, founder of Never Alone Capital LLC, with orchestrating a fraudulent scheme that raised approximately $4 million, most of which Burak misappropriated for personal expenses.
The SEC’s complaint alleges that, between 2018 and 2023, Burak engaged in a fraudulent scheme to recruit investors in his so-called investment fund, Never Alone Capital LLC, by falsely representing himself as a wealthy hedge fund owner, telling investors that Never Alone was an investment fund, and claiming that investor money would be invested in “Wall Street” pursuant to a complex investment strategy, in some cases with a guaranteed return.
Burak allegedly raised approximately $4 million from at least 17 investors, several of whom he met through a company that provides financial education programs in Spanish to the Latino community. However, as alleged in the complaint, Burak did…
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