SEC Charges Boston Resident with Defrauding Investors in International Real Estate Investment Scheme
Litigation Release No. 24840 / June 18, 2020
Securities and Exchange Commission v. Vassilios Trikantzopoulos and Navis Ventures LLC, No. 1:20-cv-11156 (D. Mass. filed June 18, 2020)
The Securities and Exchange Commission today announced charges against Vassilios Trikantzopoulos, of Boston, Massachusetts, and his business, Navis Ventures LLC, with defrauding investors out of more than $300,000.
According to the SEC's complaint, since at least 2015, Trikantzopoulos has posed as the scion of a wealthy Greek shipping family and claimed to be a highly successful money manager, responsible for overseeing $100 million or more of family assets through Navis, purportedly the investment arm of his family office. As alleged, Trikantzopoulos has used a charade of affluence, success, and financial sophistication to solicit investors for various international real estate ventures, pledging hefty profits and offering "secured" promises that, if the ventures did not go forward, investors' funds would be returned in full. In actuality, according to the complaint, Trikantzopoulos used investor money for ventures with no apparent success, his own businesses had no substantial assets or operations, and he has failed to refund investors as promised. In addition, the complaint alleges, Trikantzopoulos diverted tens of thousands of dollars for his own personal use and to pay rent and other expenses.
The SEC's complaint, filed in federal court in Boston, Massachusetts, alleges that Trikantzopoulos and Navis violated the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks permanent injunctions, civil penalties, and disgorgement plus prejudgment interest against Trikantzopoulos and Navis.
The SEC's case is being handled by David London, Mark Albers, and Michele T. Perillo of the Boston Regional Office.