An Anchorage man is accused of defrauding $25 million from 130 people who believed he was successfully investing their funds, a federal charge says.
to 30-year-old Garrett Elder beginning in October and ordered him to pay a nearly $1.8 million fine for defrauding clients through his business, Tycoon Trading LLC. He was also ordered to pay back his clients with interest. Elder was not registered as an investment adviser, the division wrote in aElder’s parents gave him between $10,000 and $20,000 to invest in stocks and foreign currencies during 2016, according to thefiled in the case by federal prosecutors.
According to a civil lawsuit filed against Elder in October, he told clients they could see up to 32% returns on their investments. Elder continued to solicit new clients and told them he was a successful trader, the charge said. By the end of 2018, the charge said he had 30 new investors who were investing more money than the original clientele. Elder created an additional trading entity in 2019 called The Daily Bread Fund LLC, and the charge said he continued to solicit investors and lose their money.
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