SEC Action: Justin Robert King and Elevate Investments, LLC

SEC Action: Justin Robert King and Elevate Investments, LLC

SEC Obtains Emergency Relief Freezing Assets and Halting an Alleged Ongoing Fraud

(STL.News) The Securities and Exchange Commission has obtained an emergency court order freezing assets of a San Juan Capistrano, California-based company and its founder, who allegedly were carrying out an ongoing investment fraud.

According to the SEC’s complaint, filed on December 21, 2020 in the U.S. District Court for the Central District of California and unsealed on January 7, 2021, Justin Robert King and his company, Elevate Investments LLC, raised about $7.4 million from investors since at least June 2019.  The complaint alleges that King and Elevate were offering interests in the Elevate Investment Fund despite the fact that no such fund entity exists.  The complaint further alleges that all investor money was held in brokerage and bank accounts in the name of King, his wife, and/or Elevate.  As alleged, Elevate’s website stated that, from June 2019 through June 2020, King’s trading resulted in returns of 61% for all his clients’ accounts. In fact, the complaint alleges, King’s trading across all known accounts associated with him resulted in losses of $3.8 million during that period.  The website also allegedly represented that King had historically generated profits for his clients year after year, but according to the complaint, King had consistently generated losses.

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