A Boston man accused of defrauding investors and spending their money on a boat reached a settlement with the SEC after pleading guilty in a parallel criminal case, the agency told a federal court in Massachusetts.
Tanmaya Kabra and his company, Launchbyte.IO LLC, agreed to permanent injunctions prohibiting them from violating the federal securities laws at issue in the civil suit, according to documents the Securities and Exchange Commission filed in the U.S. District Court for the District of Massachusetts.
Kabra allegedly promised investors double-digit returns then used the funds to buy a boat, pay off credit card debt, and ...