SEC Says Man Posed as a Licensed Securities Professional to Take an Investor's $1.5 Million, Then Lost It in Crypto

Published Oct. 12, 2026. Case statuses are current as of that date. This article is based only on documents published by the U.S. Securities and Exchange Commission.

The investor thought they were dealing with a licensed securities professional. According to the Securities and Exchange Commission, they were actually dealing with a man using that professional's identity.

On Sept. 10, 2026, the SEC sued Adam B. Rundle, described in the SEC's release as a former Maryland resident, in federal court in Maryland. The agency alleges Rundle raised about $1.5 million from an investor by stealing the identity of a licensed securities professional and lying about the investment [1].

Important: These are civil allegations. Rundle has not been found liable, and the SEC's release does not report a settlement or any criminal case.

What the SEC alleges

According to the SEC's complaint, as summarized in its release [1], from at least November 2021 to January 2024 Rundle:

• impersonated a licensed securities professional to gain the investor's trust (the SEC does not accuse the real professional of wrongdoing, and we do not name that person);
• sold the investor a purported Simple Agreement for Future Equity ("SAFE") in Robinvest, LLC, a company Rundle created and controlled; and
• falsely said the SAFE guaranteed the principal and a return of 4% compounded annually.

The SEC alleges Rundle didn't invest the money as promised and misappropriated all of it. According to the complaint, Rundle later admitted to his former business partners that he had stolen money from a customer, used it to buy cryptocurrency and lost all of it [1].

Why the "guarantee" was a red flag on its own

A SAFE is an agreement used by early-stage start-ups: an investor gives money now in exchange for the right to receive shares later if certain events happen, such as a future funding round. SAFEs are among the riskiest investments there are. They are not loans, typically pay no interest and do not guarantee that an investor will get money back. If the company fails, a SAFE can be worth nothing.

A SAFE that "guarantees" principal plus a fixed compounded return doesn't match how these instruments normally work. The modest 4% figure may have made the pitch feel conservative and believable. That is a reminder that scams don't always promise sky-high returns.

The impersonation angle

Impersonating real, registered professionals is a growing tactic. A scammer borrows a real person's name, registration number or firm profile, which will check out if the investor looks it up, and then directs money somewhere else. Verifying a name isn't enough. You also need to confirm you're actually talking to that person, using contact information you found independently, such as the firm's main phone number.

The charges

The complaint charges Rundle with violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934 and seeks injunctive relief, civil penalties, and disgorgement with prejudgment interest [1].

The case is SEC v. Adam B. Rundle, No. 1:26-cv-03590-ABA, U.S. District Court for the District of Maryland [1].

Note: The complaint PDF posted by the SEC did not convert to readable text for our review, so this article relies on the SEC's litigation release for the allegations.

What happens next

This is a civil case brought by the Securities and Exchange Commission, not a criminal prosecution. The SEC cannot send anyone to prison; it asks a federal judge for orders such as injunctions, repayment of allegedly ill-gotten gains (called disgorgement), interest on that money, civil penalties and industry bars.

A complaint is a set of allegations. The defendants have not been found liable, and they will have the chance to respond in court. Civil cases like this one can end in a settlement, a judgment after motions or trial, or a dismissal. We will update this article as the case develops.

Red flags to watch for

• A real name and registration that check out, but contact details you didn't find yourself. Call the firm's main line listed on BrokerCheck to confirm.
• Money sent to a different company than the professional's registered firm.
• Guarantees on a start-up investment like a SAFE.
• Requests to keep the deal private or move fast.

What to do if you invested

1. Keep every record: account statements, promissory notes, subscription agreements, emails, texts, wire confirmations and screenshots of websites or videos.
2. Report it to the SEC at sec.gov/tcr.
3. Check who you are dealing with. Before investing, search the person and firm on the SEC's Investor.gov adviser search and FINRA's BrokerCheck.
4. Beware of "recovery" offers. People who lost money in investment frauds are often contacted by scammers who promise to recover it for an upfront fee. Government agencies and court-appointed receivers do not charge victims to file claims.

Case status (as of Oct. 12, 2026)

Defendant	Court	Status as of Oct. 12, 2026	Source
Adam B. Rundle	U.S. District Court, D. Md. (No. 1:26-cv-03590-ABA)	Sued by SEC Sept. 10, 2026 (civil fraud); no settlement reported; not found liable	[1], [2]

Statuses can change. An SEC complaint contains allegations, and a settlement without admitting or denying them is not a finding of wrongdoing.

Sources

1. U.S. Securities and Exchange Commission, Litigation Release No. 26637, "SEC Charges Former Maryland Resident with Conducting an Alleged $1.5 Million Offering Fraud," Sept. 11, 2026. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26637
2. SEC complaint, SEC v. Adam B. Rundle, No. 1:26-cv-03590-ABA (D. Md. filed Sept. 10, 2026). https://www.sec.gov/files/litigation/complaints/2026/comp26637.pdf

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Corrections and updates: If you are named in this article, or represent someone who is, and believe anything here is inaccurate or out of date (including a dismissal, a court ruling on a proposed judgment, or any other change in case status), please contact us at editorandchief@scammers.com. We will review it and update the article promptly.