The founder of defunct online digital sweepstakes company Kizzang LLC misappropriated at least $1.3 million of investors’ money, the U.S. Securities and Exchange Commission alleged in a new suit.
Robert Alexander should disgorge his ill-gotten gains, pay civil penalties, and be prohibited from committing future securities violations, the complaint says.
Alexander raised about $9 million from about 53 investors from February 2013 to the middle of 2017, according to the complaint, filed Feb. 7 in the U.S. District Court for the Southern District of New York.
He allegedly misrepresented how the funds would be used and the amount of money ...
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