The SEC charged 25-year-old Pathyam Patel, who claimed to manage a hedge fund, with fraudulently inducing 15 college students and other individuals to invest over $430,000 with his company, Infinity Wealth Management, LLC. Patel claimed the firm was a registered investment adviser with the SEC that provided portfolio management services and invested in stocks, options, and crypto assets. According to the SEC, Patel misrepresented how he would use clients' money, promising profits of 80-110% annually, reporting false returns, and promising clients that he guaranteed their principal. The SEC's complaint alleges that, rather than invest his clients’ money as promised, Patel misappropriated most of their money to pay for personal expenses and to make Ponzi-like payments to other clients. The complaint also alleges that Patel further enriched himself by charging clients thousands of dollars in bogus fees, including so-called “transfer fees” and fees purportedly owed to the SEC, IRS, and Virginia State Corporation Commission. Patel agreed to a five-year ban on issuing or participating in any securities issuance or acting as or in association with any investment adviser. The Alabama Securities Commission ordered Patel to make payments to investors.