The Securities and Exchange Commission has charged Adam B. Rundle, a former Maryland resident, with raising approximately $1.5 million by stealing the identity of a licensed securities professional and selling a fraudulent investment in a company he created and controlled.
What happened
According to the SEC’s complaint, Rundle defrauded an investor between November 2021 and January 2024 by impersonating a licensed securities professional. He created fake email accounts in that person’s name and used them to induce the investor to purchase a purported SAFE in Robinvest, LLC, a company Rundle created and controlled. A SAFE is a contract that promises the investor an equity stake in a company at a later date.
The complaint, filed September 10, 2026, in the U.S. District Court for the District of Maryland, alleges Rundle falsely represented that the investor’s principal would be protected and would earn a return of 4 percent compounded annually. The case is docketed as SEC v. Adam B. Rundle, No. 1:26-cv-03590-ABA. The SEC announced the charges in Litigation Release No. 26637 on September 11, 2026.
Key facts in the Robinvest case
Court documents describe a compact fraud built on impersonation. The dollar amounts may look modest next to headline cases, but the victim lost the entire investment.
| Alleged amount raised | Approximately $1.5 million |
| Investment vehicle | Purported SAFE in Robinvest, LLC |
| Promised return | Principal protection plus 4 percent compounded annually |
| Method | Impersonation of a licensed professional through fake email accounts |
| Actual use of funds | Entire amount misappropriated |
| Alleged scheme period | November 2021 to January 2024 |
Rundle admitted to former business partners that he had stolen money from a customer, used the funds to buy cryptocurrency, and lost all of it, according to the complaint. No legitimate investment ever occurred.
How the identity theft worked
The fraud hinged on a stolen identity. By creating email accounts under a licensed professional’s name, Rundle made the investor believe that communications, instructions, and account updates came from a registered securities representative. That manufactured trust closed the sale.
Impersonation adds a second layer of harm. The investor lost money, and an uninvolved professional had a name and reputation used to commit fraud. Verification through a firm’s official channels, rather than personal email, would have exposed the scheme.
Red flags investors should recognize
- Investment offers that arrive through personal email rather than a firm’s official system
- Promises that principal is protected while also earning a fixed compounded return
- Contracts for private companies with no independent verification or custodian
- Pressure to wire money before documents can be reviewed by a third party
What affected investors can do now
The complaint charges Rundle with violating 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. The SEC seeks injunctive relief, civil penalties, and disgorgement with prejudgment interest. Litigation will be led by attorneys from the SEC’s Philadelphia Regional Office.
Investors who dealt with Rundle or Robinvest should preserve emails, contracts, and wire records. Anyone who suspects a professional’s identity was misused can report the matter to regulators directly. A securities attorney can review whether recovery claims remain available and what deadlines apply.
Haselkorn & Thibaut fights for investor recovery
Haselkorn & Thibaut is a securities law firm founded by former Wall Street defense attorneys who shifted their practice to represent investors. The firm has recovered over $520 million for clients in securities matters and maintains a 98 percent success rate in resolved nontraded REIT cases. Attorneys are AV Preeminent rated through Martindale-Hubbell, designated as Super Lawyers, and hold a 5.0-star client review average. The firm operates on a contingency basis — no recovery, no fee.
Contact Haselkorn & Thibaut today
Time matters in fraud recovery cases. The earlier you act, the stronger your position. The firm offers a free case evaluation to assess your losses, review your account history, and explain your options under arbitration or settlement.
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Offices in Florida, New York, Arizona, Texas, and North Carolina. Former Wall Street defense attorneys with 95+ years of combined experience. No recovery, no fee.
