Alaska investors may have lost millions of dollars what is being characterized as a fraudulent securities operation being run by an Anchorage business that is now in hot water with the State Division of Banking and Securities.
The division says Tycoon Trading LLC and its sole owner Garrett A. Elder have violated provisions of the Alaska Securities Act and have been ordered to cease and desist.
The division warns there may be many victims to this alleged scam. The division has so far received information from 12 investors about securities that Elder sold to them between June 23, 2018 through Feb. 7, 2022, but the State says there may be many more investors with significantly more money invested through Elder and Tycoon Trading.
The cumulative amount known to have been invested was nearly $1.8 million made by or on behalf of Alaskans between the ages of 6 to 63. According to the State, Elder issued falsified statements to investors reflecting positive earnings on investments.
“All or substantially all of the investors’ assets have been dissipated. Despite repeated attempts, investors have been unable to access their funds,” the State agency wrote.
The Division says the securities included “participation in profit sharing agreements, investment contracts, and speculative trading in foreign currencies to Alaska residents through his business Respondent Tycoon Trading LLC. Investors would deposit money with Elder based on Elder’s assertions that Elder would use his expertise to further invest the funds for a profit. The investment contracts signed by or on behalf of investors required splitting the profits between the investor and Tycoon Trading LLC. Elder managed and traded assets held in a common pooled accounts by executing securities transactions without being registered as an investment adviser representative as required by state statute.”
In the state’s order, signed by Commissioner Julie Sand and Banking and Securities Director Robert Schmidt, Elder and Tycoon Trading is a legal directive to stop all activities relating to securities trading, to pay $1.777 million in restitution and $1.777 in civil penalties. Elder could request a hearing to be held on the. matter, but until such time, he’s prevented from doing business as an investment agent or financial adviser, and the State of Alaska says it is further investigating to see if there are other victims.
The company was first organized in Alaska and registered with the State Department of Commerce in 2012, with the purpose stated of doing “miscellaneous financial investment activities.”
The State document was posted today:
Five minutes work with Google turned up several business entities in Alaska that he is closely associated with….. Another five minutes and He shows up in other states….
Also from the ‘were you scammed file’:
Juneau, Alaska (KINY) – Bethel Native Corporation has been awarded a $42.4 million grant from the National Telecommunications and Information Administration Tribal Broadband Connectivity Program to deploy a 405-mile fiber optic network from Dillingham to Bethel.
Never mind that there is no broad band to connect it to on either end…..
Exactly ! Have to keep those native corporations afloat with tax dollars somehow.
Those folks are going to be disappointed to find they still only have a satellite connection as opposed to fiber optic broadband
Native Corporations can hire Veterans and get kick a– systems installed. They were trained in communications. That includes installation of cable and fiber optics. Give them good gear, pizza and recreational toys and watch how it’s done. Go thru DoD contracting and they will have a list of crew to hire. Throw in extra for stand by security with the recent act of Russians coming to Alaska.
I sure wish I lost money with him. Did it to myself and no one to blame but Me.
Wow very interesting reading. Look forward to the next post.
I agree. Many will be checking in to watch events unfold and none will want to admit to having been scammed. Very messy.
Your post could apply to the MAGA supporters who support the Trump.
Have you realized yet, Lucinda, that you’ve been duped…. that you’ve been made a “useful idiot”?
Every one of the jarring scandals and conspiracies surrounding your nemesis, D. J. Trump has been proven a hoax. Smell the coffee and pray to our Lord God Almighty that your world doesn’t come into existence.
Many thanks to Suzanne for posting this article. No other Anchorage news site picked up the story yet thanks to Suzanne and MRAK many more investors have learned they’ve been stung.
Two weeks ago the State said the pool of known offended investors had entrusted $1.77mm to Mr. Elder.
Today the State says the pool of known offended investors has grown to $7.4mm and they anticipate more will come forward.
I bet more will.
For we are many.
I have direct involvement with this investment but I am located in the lower 48!!
Who do I contact to add myself to the pool of known investors?
Thanx in advance
Send an email to securities @ alaska.gov to report yourself as one of the defrauded investors.
Comments are closed.