SEC Says Fake Fund Managers Ran $3.5 Million Securities Fraud

An unregistered securities fraud scheme run by Christopher Slaga, who operated under the alias Keith Renko, cost 17 investors $3.5 million over five years, a Securities and Exchange Commission lawsuit says.

Slaga allegedly used $2.9 million for personal use, including travel, jewelry, and rent payments for properties in Florida, the Bahamas, and Barbados, the SEC says.

He also utilized another portion of those ill-gotten investor assets to trade securities through a personal brokerage account, incurring losses of more than $450,000, according to the complaint filed Monday in the US District Court for the Central District of California.

Federal prosecutors said ...