SEC Charges Never Alone Capital Founder With $4 Million Fraud

Alan Burak, the founder and owner of Never Alone Capital LLC, raised about $4 million from mostly Latino investors by falsely representing his business as an investment fund with a complex trading strategy, the SEC alleges.

Burak “misappropriated the bulk of investor deposits, including to pay for personal travel charges, an adult-only subscription service, and purchases made by his wife,” the Securities and Exchange Commission says in its complaint, filed Tuesday in the US District Court for the Southern District of New York.

Burak allegedly created an audio recording addressed to himself in which he admitted he “did not have ...