SEC Charges Crew Capital Group and the Estate of Stephen Swensen in $29M Ponzi-like Scheme
Summary
If you suffered investment losses with Stephen Romney Swensen and/or Crew Capital Group, LLC, you are encouraged to contact Lawrence L. Klayman, Esq. On October 14th, 2022 the SEC filed charges against the Estate of Stephen Romney Swensen, a now deceased broker and investment adviser, who was registered with J.W. The SEC’s investigation revealed that Crew Capital allegedly did not invest in any securities at all, and that instead, Swensen misappropriated nearly all of the investors’ funds to make Ponzi-like payments to other victims and to pay for personal expenses including the living expenses of his family and his mistresses, vehicles, and multiple private aircrafts. The SEC’s complaint lists the following defendants: • Swensen Capital, LLC, a Utah limited liability company, f/k/a Last Advisor, LLC and Four Buckets, LLC (doing business as Bucket Bliss) The complaint goes on to state that although Swensen is now deceased, “Crew Capital continues to violate the federal securities laws by disseminating false and misleading statements to investors.” Swensen created a website for Crew Capital that is still operating and displaying fictitious “account information.” According to the SEC, no such accounts exist, and the remaining investor funds sent to Crew Capital are now being spent (and otherwise dissipated) by the named Defendants and Relief Defendants. See our related blog to learn more: “Jason Kimber: Over $13 Million in Investor Complaints Filed” link this From approximately May 2018 to May 2022, Swensen worked with Jacob Cazier (CRD# 6904198), an investment adviser representative of Wealth Navigation Advisors.