The SEC charged Imer Gomez, d/b/a K&G Investment Solutions, LLC, and his entity, Helios Venture Fund LLC, with fraud in a litigated action, noting that defendants obtained approximately $9 million from clients by claiming that Gomez was an experienced trader who could provide monthly double-digit returns by actively trading securities on their behalf. Gomez and Helios claimed that each client account was insured for up to 75% of the client’s account value. However, the SEC’s complaint alleges that the defendants never used client funds to trade securities, never created or supervised any client accounts, and never obtained insurance for client funds or accounts. Further, the SEC’s complaint alleges that, to conceal the fraud, Gomez sent clients fake account statements showing fictitious gains on the clients’ purported advisory accounts. Instead, the SEC’s complaint alleges that Gomez and Helios misappropriated client funds to sustain Gomez’s lavish lifestyle, make Ponzi payments, and fund unrelated business ventures.