Securities Arbitration Lawyer Blog
**Update: 5/13/2021** On May 12, 2021, Long Island investment advisor, Mark Lisser, pleaded guilty in federal court to securities fraud conspiracy. As part of his plea, Mr. Lisser admitted to lying to customers about investments in shares of several companies prior to the initial public offering of those companies. As a result of his scheme, Mr. Lisser stole more than $700,000 of investors’ funds to make payments to companies controlled by Knightsbridge Private Partners LLC employees, pay salaries and sales commissions, pay his personal credit card bill, and make payments on a mortgage.
Original Post:
INVESTIGATION: Long Island Resident Mark Alan Lisser Charged with Defrauding Investors
The U.S. Securities and Exchange Commission (“SEC”) has charged New York resident Mark Alan Lisser with fraud for operating at least two boiler rooms, on Long Island, New York, and in Boca Raton, Florida. The SEC’s complaint alleges that Mr. Lisser raised approximately $2.1 million from at least 71 retail investors and misappropriated more than $900,000 of their funds.
Concurrently, the U.S. Attorney’s Office for the Eastern District of New York filed a criminal complaint in federal court charging Mark Lisser with wire fraud for lying to investors and potential investors to induce them to invest in “pre-IPO” shares of several companies. The complaint further alleges that Mr. Lisser’s company, Knightsbridge Capital Partners, did not own enough shares to cover the sales that it made to investors. Mr. Lisser was arrested this morning.
Iorio Altamirano LLP is investigating potential claims involving Mark Alan Lisser. If you were an investor with Mark Alan Lisser, contact New York investor protection attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
The Allegations:
The following is a summary of the allegations from both the SEC’s complaint and criminal complaint:
- Mark Alan Lisser is a resident of Massapequa, New York, and was one of three partners who operated Knightsbridge Private Partners LLC.
- According to FINRA, Lisser is not currently registered as a financial advisor.
- Previously, Mr. Lisser was affiliated with six firms, four of which were expelled from FINRA for the securities industry:
- Garden State Securities, Inc. from 2014 – 2016.
- Global Arena Capital Corp (expelled) from 2010 – 2014.
- Prestige Financial Center, Inc. (expelled) from 2008 – 2010.
- Westrock Advisors, Inc. (expelled) from 2006 – 2008.
- GunnAllen Financial, Inc. from 2004 – 2005.
- Harrison Securities, Inc. (expelled) from 2001 – 2003.
- Between October 2018 and January 2019, Mr. Lisser was one of three partners in Knightsbridge Private Partners LLC, which operated a series of websites (specifically, “www.preipo.us,” “www.earlypreipo.com,” and ”preipopros.com.”) and call-centers used to solicit investments in purported pre-IPO shares of three companies.
- Lisser, and salespeople that he directed in the boiler rooms, used high-pressure sales tactics and solicited investors by misrepresenting that a Knightsbridge-managed fund purchased “pre-IPO” shares in three well-known companies directly from employees of the companies.
- However, at the time of the solicitations, Knightsbridge did not own any shares of these companies.
- Subsequently, Knightsbridge purchased shares or interests in shares of the companies from third parties, not employees.
- Knightsbridge never owned enough shares to cover the sales it had made to investors.
- As a result of this fraud scheme, Lisser misappropriated more than $700,000 in investors’ funds.
- Mr. Lisser used these customer funds to make payments to companies controlled by Knightsbridge employees, pay salaries and sales commissions, pay his personal credit card bill and make payments on a mortgage.
Iorio Altamirano LLP is an investor advocate law firm based in New York, NY and is investigating potential claims involving Mark Alan Lisser.
If you were an investor with Mark Alan Lisser, contact New York investor protection attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.