SEC v. Mina Tadrus; and Tadrus Capital LLC, No. LR-25798, Eastern District of New York (Aug. 2, 2023) — Press Release
raw: Mina Tadrus; Tadrus Capital LLC
Mina Tadrus; Tadrus Capital LLC, No. 1:23-cv-05708 (E.D.N.Y. Aug. 2, 2023)
summary
The SEC charged Mina Tadrus and Tadrus Capital LLC with operating a Ponzi scheme targeting the Egyptian Coptic Christian community, seeking injunctive relief and civil penalties.
paragraph
Mina Tadrus and Tadrus Capital LLC allegedly raised over $5 million from at least 31 investors through a fraudulent algorithmic trading fund. The defendants are charged with violating antifraud provisions of the Securities Act, the Exchange Act, and the Investment Advisers Act. The SEC is seeking permanent injunctive relief, disgorgement, and an officer-and-director bar against Tadrus.
narrative
The SEC has filed a complaint against Mina Tadrus and Tadrus Capital LLC for an alleged Ponzi scheme targeting the Egyptian Coptic Christian community. Since at least September 2020, the defendants purportedly raised more than $5 million from at least 31 investors by promising guaranteed monthly returns through algorithmic trading. Instead of investing the capital, the defendants allegedly used $1.4 million to pay returns to earlier investors and misappropriated at least $380,000. The SEC charges the defendants with multiple violations of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. The agency is seeking preliminary and permanent injunctive relief, disgorgement, and civil penalties. Additionally, the SEC is pursuing a conduct-based injunction and an officer-and-director bar against Mina Tadrus.
Classified ponzi(confidence 100%). EDGAR detection: forms Form D· recall 35% / precision 15%. detection rule →
Statutes
Parties
Securities and Exchange CommissionTadrus Capital LLCMina Tadrus
Keywords
tadrusmina tadrustadrus capitaltadrus tadrusminasecurities exchangecapitalexchange commissionllcsecuritiesexchangeleastponzi schemeagainst minacommission
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 3
- $5.00M $5 million $1M–$10M
- $1.40M $1.4 million $1M–$10M
- $380K $380,000 $100K–$1M
Entities 4
- company mina tadrus and tadrus capital llc
- agency sec's investigation
- agency Securities and Exchange Commission
- person tejal d. shah
Triples 14
- Securities And Exchange Commission filed complaint against Mina Tadrus and Tadrus Capital LLC on July 28, 2023
- Mina Tadrus and Tadrus Capital LLC solicited investments in Tadrus Capital Fund LP since September 2020
- Mina Tadrus and Tadrus Capital LLC sold investments in Tadrus Capital Fund LP since September 2020
- Defendants raised more than $5 million from at least 31 investors
- Defendants falsely told investors that funds would be pooled and invested using algorithmic trading
- Defendants did not invest investors' funds
- Defendants used at least $1.4 million to make purported ROI payments to other investors
- Defendants misappropriated at least $380,000
- Complaint charges Mina Tadrus and Tadrus Capital LLC with violating securities laws
- SEC is seeking preliminary and permanent injunctive relief, disgorgement, and civil penalties against both defendants
- SEC is seeking conduct-based injunction and officer-and-director bar against Mina Tadrus
- SEC's investigation was conducted by John Lehmann, Doreen Rodriguez, Abigail Rosen, and Lindsay S. Moilanen
- Investigation was supervised by Tejal D. Shah
- Litigation handled by Abigail Rosen and John Lehmann
PDF (from attached: complaint)
Text layers
Extracted body text (2,070c)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25798 / August 2, 2023 Securities and Exchange Commission v. Mina Tadrus et al., No. 1:23-cv-05708 (E.D.N.Y. filed July 28, 2023) SEC Charges Florida Resident in Connection with Ponzi Scheme Targeting Religious Community On July 28, 2023, the Securities and Exchange Commission filed a complaint against Mina Tadrus and Tadrus Capital LLC related to an alleged Ponzi scheme. The SEC's complaint alleges that, since at least September 2020, Mina Tadrus and Tadrus Capital LLC have solicited and sold investments in Tadrus Capital Fund LP, a purported pooled investment vehicle that targeted members of the Egyptian Coptic Christian community. The defendants allegedly raised more than $5 million from at least 31 investors and falsely told them that their funds would be pooled and invested using algorithmic trading that would guarantee a steady monthly return on investment (ROI). However, the complaint alleges, the defendants did not actually invest the investors' funds. In reality, according to the complaint, the defendants used at least $1.4 million to make purported ROI payments to other investors in Ponzi fashion and otherwise misappropriated at least $380,000. The complaint, filed in the U.S. District Court for the Eastern District of New York, charges Mina Tadrus and Tadrus Capital LLC with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. The SEC is seeking preliminary and permanent injunctive relief, disgorgement, and civil penalties against both defendants, and a conduct-based injunction and officer-and-director bar against Mina Tadrus. The SEC's investigation was conducted by John Lehmann, Doreen Rodriguez, Abigail Rosen, and Lindsay S. Moilanen, and supervised by Tejal D. Shah. The litigation is being handled by Ms. Rosen and Mr. Lehmann. SEC Complaint
OCR text (2,070c · html-text · 99% conf)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25798 / August 2, 2023 Securities and Exchange Commission v. Mina Tadrus et al., No. 1:23-cv-05708 (E.D.N.Y. filed July 28, 2023) SEC Charges Florida Resident in Connection with Ponzi Scheme Targeting Religious Community On July 28, 2023, the Securities and Exchange Commission filed a complaint against Mina Tadrus and Tadrus Capital LLC related to an alleged Ponzi scheme. The SEC's complaint alleges that, since at least September 2020, Mina Tadrus and Tadrus Capital LLC have solicited and sold investments in Tadrus Capital Fund LP, a purported pooled investment vehicle that targeted members of the Egyptian Coptic Christian community. The defendants allegedly raised more than $5 million from at least 31 investors and falsely told them that their funds would be pooled and invested using algorithmic trading that would guarantee a steady monthly return on investment (ROI). However, the complaint alleges, the defendants did not actually invest the investors' funds. In reality, according to the complaint, the defendants used at least $1.4 million to make purported ROI payments to other investors in Ponzi fashion and otherwise misappropriated at least $380,000. The complaint, filed in the U.S. District Court for the Eastern District of New York, charges Mina Tadrus and Tadrus Capital LLC with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. The SEC is seeking preliminary and permanent injunctive relief, disgorgement, and civil penalties against both defendants, and a conduct-based injunction and officer-and-director bar against Mina Tadrus. The SEC's investigation was conducted by John Lehmann, Doreen Rodriguez, Abigail Rosen, and Lindsay S. Moilanen, and supervised by Tejal D. Shah. The litigation is being handled by Ms. Rosen and Mr. Lehmann. SEC Complaint