Securities Regulation Daily Wrap Up, FRAUD AND MANIPULATION—N.D.N.Y.: Advisory firm charged with falsifying reports, (Sep 1, 2026)
Organizations Mentioned:WealthTutor Corp. f/k/a Ichcoin Tech Corp.
By R. Jason Howard, J.D.
At least three investors were defrauded, and one of them lost nearly $2 million.
The SEC has announced charges against Ichcoin Tech Corp., a purported investment adviser, for allegedly making false statements in SEC filings regarding its “eligibility to be an exempt reporting adviser (ERA) as well as its purported office location and other relevant identifying information” (SEC v. Ichcoin Tech Corp., No. 1:26-cv-01648-FJS-DJS (N.D.N.Y. Aug. 27, 2026)).
Ichcoin. According to the SEC’s complaint, Ichcoin allegedly made false statements in its Form ADV filed on January 25, 2024, with the SEC. While ERA’s are exempt from registration, they are still required to file a Form ADV to “report relevant information to the SEC about their advisory business.” In Ichcoin’s filed ADV, it claimed to be eligible for ERA status, that it conducted business at an office in Albany, N.Y. with a Colorado telephone number, and that it was assigned an identification code in the Central Registration Depository (CRD) of securities industry professionals maintained by FINRA.
The truth, however, it that Ichcoin was not eligible to report as an ERA, it did not have an office in Albany, the Colorado phone number did not connect to anyone at Ichcoin, and the CRD number in Ichcoin’s Form ADV “belongs to an 87-year-old individual with no identifiable connection to Ichcoin.” In addition, Ichcoin posted a counterfeit SEC registration certificate on its website to support its scheme and allegedly “failed to respond to requests by the Commission staff to provide records to substantiate the information in the Form ADV.”
Investor money was diverted to other entities and at least three investors were defrauded with one of them losing approximately $1.9 million. When investors tried to withdraw funds, they were told they would have to pay fees first, or, in the case of one investor, repay a $50,000 “loan” that had been credited to his account. Only one investor recovered approximately $116,000. The rest was never returned.
Charges. Ichcoin is charged with violating Sections 204(a) and 207 of the Investment Advisers Act of 1940.
Penalties sought. The SEC is seeking a permanent injunction against future violations, a conduct-based injunction enjoining Ichcoin and individuals acting on its behalf from filing a Form ADV with the Commission as an ERA, and a civil monetary penalty.
The case is No. 1:26-cv-01648-FJS-DJS.
Attorneys: Paul G. Gizzi for the SEC.
Companies: WealthTutor Corp. f/k/a Ichcoin Tech Corp.
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