ADMINISTRATIVE PROCEEDING
File No. 3-19474

September 20, 2019 - The Securities and Exchange Commission today announced a settled administrative proceeding against Marcos Tamayo of Las Vegas, Nevada for defrauding advisory clients and failing to register his investment advisory business.

According to the SEC's order, Tamayo was an airline baggage handler who provided investment advisory services to his colleagues, using the business name "Bored at Work." The order finds that Tamayo's clients gave him online access to their retirement accounts, which Tamayo used to select investments and make trades for an annual fee. The order further finds that in late 2015, Tamayo's business grew rapidly after Facebook posts in which he falsely claimed to have nearly $1 million in his own retirement account, displaying a cropped image of a client's statement. According to the SEC's order, when Nevada regulators issued a cease and desist order in August 2017, Tamayo had more than 900 clients, with accounts worth more than $172 million, based in part on routine lies Tamayo told about the value of his personal retirement account and his assets under management. As also stated in the order, Tamayo failed to disclose the Nevada disciplinary action when he sought to register his new company, Bored at Work Retirement Services, LLC, as an investment adviser with the SEC.

The SEC's order finds that Tamayo willfully violated the following provisions of the Investment Advisers Act of 1940: the registration provisions of Section 203(a), the antifraud provisions of Sections 206(1), 206(2) and 206(4) and Rule 206(4)-1(a)(5) thereunder, the books and records and code of ethics requirements of Section 204, and Rules 204-2 and 204A-1 thereunder, and the compliance policies and procedures requirements of Section 206(4) and Rule 206(4)-(7) thereunder. The order also finds that both Tamayo and Bored at Work Retirement Services willfully violated Section 207 of the Advisers Act, which prohibits investment advisers from making misstatements and omissions in applications filed with the Commission. Without admitting or denying the SEC's findings, Tamayo and Bored at Work Retirement Services consented to a cease-and-desist order and censure, and agreed to certain undertakings, including providing advisory clients with notice of the SEC's order. Tamayo also agreed to pay disgorgement of $144,485 with prejudgment interest of $9,803, and a civil penalty of $50,000, and consented to a twelve-month suspension. Finally, the Commission created a fair fund to distribute to clients any disgorgement, prejudgment interest, and civil penalty payments that may be made.

The SEC's investigation was conducted by Janet Rich Weissman and supervised by Kate Zoladz of the Los Angeles Regional Office. The SEC's examination that led to the enforcement action in this matter was conducted by Yasin Shah and Emanuel Asmar, and supervised by Yanna Stoyanoff and Tamara Heller.