California Man Snagged $7.9 Million for EquiAlt Ponzi, SEC Says

A California man and an unregistered brokerage he treated as his “alter ego” bilked investors out of $7.9 million in connection with the $170 million EquiAlt LLC Ponzi scheme, the SEC said.

John Marques of Dublin, Calif., and his Lifeline Innovations & Insurance Solutions LLC raised the money for EquiAlt from more than 50 investors, according to a complaint the Securities and Exchange Commission filed in the U.S. District Court for the Northern District of California Monday.

The case against Marques and Lifeline Innovations is the latest in a string of SEC enforcement actions tied to EquiAlt. The agency previously ...