Texas investment manager illegally misappropriated $18.5 million in client funds to invest in cryptocurrency, SEC intervenes for investigation
According to a PANews report on November 26, the SEC announced that Texas investment manager Khalid Parekh illegally invested $18.5 million of client funds in cryptocurrency without their consent, promising an annual return of 4%. Between August 2021 and August 2022, Parekh attracted 373 investors from 40 states through his company Fair Invest, mainly targeting the American Muslim community and claiming that his investments complied with Islamic law. In reality, he allocated client funds to two cryptocurrency lending platforms instead of traditional assets. During the SEC investigation, Parekh returned the principal and promised returns of 4% to clients and paid a fine of $100,000 while also revoking his investment advisor registration qualification.
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