Litigation release No. 25625/January 24, 2023
Austin D. Ellison Meade, No. 2:23-cv-00521 (C.D. Cal. Cal.
The Securities and Exchange Commission filed fraud charges against Austin D. Ellison Meade. They claim that he raised millions of dollars fraudulently from investors through an investment club named Baycap.io. According to the SEC’s complaint, Meade falsely stated that Baycap.io’s investment strategy was based off his proprietary algorithm which could accurately forecast stocks that were poised to grow.
In its complaint, the SEC states that Meade raised a minimum of $2.8 Million for Baycap.io in 2019 from 31 investors. He said that the funds were to be used for algorithmic trading of securities and would be available on demand. Meade’s complaint states that he never traded with the investor funds, but used them to pay for luxury cars and other personal expenses. He made Ponzi payments.
Meade sent out fake account statements in order to conceal his fraud and persuade investors to remain invested. Meade provided various reasons for why most investors couldn’t withdraw their funds, despite his claims. Meade charged his investors a 2% fee upfront based on the capital they invested and a 20% fee quarterly on any profits that he claimed he generated.
Meade is accused in the SEC complaint, filed by the SEC in the Central District of California of violating antifraud provisions of Securities Act of 1933, and Securities Exchange Act of 1964. He is also accused of violating Investment Advisers Act of 40. The SEC is seeking civil penalties, including disgorgement and permanent injunctions based on conduct.
Meade has been indicted on seven counts of criminal identity theft and wire fraud by the U.S. Attorney’s Office of Central District of California.
DoHoang Duong, Dora Zaldivar & Finola H.Manvelian from the Los Angeles Regional Office conducted the SEC investigation. Gary Y. Leung is leading the litigation. The SEC thanks the FBI and the U.S. Attorney’s Office of the Central District of California for their assistance.
Recover Investment Losses
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SEC: What You Need to Know
Securities and Exchange Commission is the regulatory agency that enforces and oversees securities laws in the United States. Its main mission is to protect and promote investors, ensure fair and efficient markets and facilitate capital formation. This is achieved by the SEC regulating securities firms such as stock exchanges and brokerages.
The SEC makes sure that companies issuing public securities provide investors with accurate, transparent and timely information. This helps to prevent fraud and promotes market integrity. The SEC examines financial statements and disclosures. It monitors insider trades and investigates any potential securities law violations. The SEC also enforces the regulations related to broker registration, investment professionals, and securities exchanges.
In addition, the SEC is a key player in the enforcement of the securities laws. It takes legal actions against people and companies involved in fraudulent acts or violations. The SEC can impose fines and penalties as well initiate civil lawsuits for investors to recover their funds.
SEC efforts aim to maintain the integrity of securities markets, protect investors from fraud, and promote fair and transparent capital market in the United States.
More information can be found at
