Keyport Venture Advisors LLC, John LoPinto, and Robert Wilkos

Date:

October 20, 2020

Type of alert:

SEC Cease-and-Desist  

On September 18, 2020, the Securities and Exchange Commission filed an Order Instituting Administrative and Cease-and-Desist Proceedings against unregistered investment adviser Keyport Venture Advisors LLC (Keyport Advisors), and its two principals, John LoPinto, and Robert Wilkos (collectively referred to as the “Respondents”), for violations of securities industry rules. LoPinto, a resident of State Island, New York, and Wilkos, a resident of Holmdel, New Jersey, each own 50 percent of Keyport Advisors.

According to the SEC Order, the Respondents raised over $1.5 million from retail investors between October 2019 and July 2020 for investments in Keyport Venture Partners LLC Fund, a pooled investment vehicle that sought to invest in shares and interests of pre-IPO companies including food and technology companies. The SEC asserts that LoPinto and Wilkos misrepresented that a new series of the Fund already held shares of a pre-IPO online rental marketplace when, in reality, they were unable to locate and secure shares of this company for several months after investors invested $198,000 in the new series. While the investors’ capital contributions were tied up for several months, the Respondents accepted all fees associated with the series, including those related to due diligence, management and other expenses.

In anticipation of the SEC Cease-and-Desist, the Respondents submitted an Offer of Settlement, which the SEC has accepted. The SEC censured the Respondents and ordered them to cease and desist from committing or causing any violations and any future violations of Sections 206(4) of the Advisers Act. The SEC also ordered LoPinto and Wilkos to each pay $40,000 in civil penalties.

Take the next steps to find out if you have a claim:

Step 1.

Talk to an Experienced Attorney Today

Call and speak to one of our attorneys* for a no-cost consultation to discuss your situation, answer your questions, and help you determine the next steps. This call usually takes about 15 minutes, but we are happy to talk to you as long as you would like!

Step 2.

Quick Review of Your Paperwork

If we think you might have a case, we will need to review a few basic documents. If we determine you have a case, then you will have the option to hire us as your attorneys to pursue it.

Step 3.

Signed Attorney/Client Agreement

If you decide to hire us to pursue your case, we will have you sign an attorney-client agreement so we can begin the process of trying to recover your losses.*

*In the vast majority of cases, our agreement is contingent – meaning you won’t owe us any money unless we recover money for you.


Request a Consultation

This site contains attorney advertising. The attorneys at ChapmanAlbin are licensed to practice law in Ohio and Michigan. Any reference to past cases or successes made herein should not be construed as a guarantee of any future outcome. Each client and each client’s case is unique, and no result or outcome is or can ever be guaranteed. The information provided in this website is offered for general information purposes only; it is not offered as and does not constitute legal advice in any way. // Disclaimer