PHOENIX (AZFamily) — An Arizona financial advisor is being forced to pay back nearly $1.4 million after ripping off more than a dozen clients, officials announced Wednesday.
The Arizona Corporation Commission, the board that oversees utilities, businesses’ filings, securities and more, ordered Lisa Anne Boisselle, president, owner, and chief compliance officer of Wealthwise, to pay $1,398,900 in restitution and $75,000 administrative fines for committing securities fraud.
In 2021, she started asking clients to invest in two cryptocurrency programs called NovaTech and HyperFund, also known as HyperVerse.
The commission said Boisselle received nearly $1.4 million from at least 16 clients between November 2021 and 2023. She told the investors their money was safe and accessible and that their money would grow over time.
However, investigators said she didn’t tell her investors that regulators had issued warnings and taken legal action against NovaTech starting in 2022.
The commission also ordered Boisselle and Wealthwise, and anyone associated with them, to permanently stop because they were violating the Securities and Investment Management Act.
Regulators said she hasn’t requested a hearing or filed an answer regarding the fraud allegations.
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