Broker Settles SEC Suit Over Role in EquiAlt Ponzi Scheme

An unregistered broker and his company reached a settlement in an SEC suit accusing them of raising around $15 million as part of the EquiAlt LLC Ponzi scheme, the agency said Thursday.

Dale Tenhulzen and Live Wealthy Institute LLC made around $1.5 million in commissions for their roles in the scheme, which ultimately took in more than $170 million, the Securities and Exchange Commission complaint filed in the U.S. District Court for the Middle District of Florida said. Tenhulzen and Live Wealthy “agreed to full injunctive relief,” the agency said in a release.

Tenhulzen, a Wyoming resident, “personally solicited and ...