Marat Likhtenstein

Last updated: February 10, 2026

ChapmanAlbin is investigating claims on behalf of investors who may have suffered losses in connection with Marat Likhtenstein (CRD 2470480), formerly associated with Osaic Wealth, Inc (CRD#: 23131) in Brooklyn, New York. If you were offered a high-interest private investment, promissory note, or “side business” opportunity, you may have legal options to pursue recovery.

Key facts (at a glance)

• Broker: Marat Likhtenstein
• CRD: 2470480
• Most recent firm (public record): Osaic Wealth (also referenced historically as Royal Alliance in some contexts)
• Product frequently referenced in public allegations: Promissory notes
• Core allegations described in public records: Misappropriation, Ponzi-like payments, undisclosed personal loan transactions, and refusal to cooperate with a FINRA investigation

Investigation updates

February 5, 2026: SEC charges tied to promissory notes and alleged misappropriation

On February 5, 2026, the U.S. Securities and Exchange Commission issued Litigation Release No. 26476 announcing charges against Marat Likhtenstein.

According to the SEC, the complaint alleges that from at least April 2017 through June 2024, Likhtenstein (while acting as an investment adviser) solicited, recommended, and sold self-issued investments in the form of promissory notes, raising more than $4.1 million from at least 15 advisory clients. The SEC alleges he did not actually invest the funds and instead misappropriated investor money, including Ponzi-like payments to other investors and spending on personal expenses.

The SEC release also states the case was filed in the Eastern District of New York on September 26, 2025, and that the court entered a consent judgment on February 4, 2026, with monetary relief to be determined later.

If you were encouraged to purchase a private note promising unusually high interest rates, you may want to review:

• https://chapmanalbin.com/investor-resources/promissory-note-fraud/
• https://chapmanalbin.com/articles/is-my-promissory-note-a-scam-red-flags-to-look-for/
• https://chapmanalbin.com/articles/promissory-note-fraud/

For information on Ponzi-like payment structures and misappropriation red flags, see:

• https://chapmanalbin.com/case-types/ponzi-schemes/

June 16, 2025: ChapmanAlbin investigation into promissory-note allegations and supervision concerns

ChapmanAlbin began investigating potential claims for investors who may have suffered losses connected to Marat Likhtenstein, including allegations involving promissory notes, promises of high returns, and concerns that investor funds may not have been used as represented.

Public records described concerns about investor solicitation, use of promissory notes, and potential supervision issues during the period he was associated with his firm.

September 12, 2024: FINRA bar for failure to cooperate with an investigation

Public reporting on the earlier investor alert noted that Likhtenstein was barred by FINRA after refusing to cooperate with an investigation. The investigation examined whether he failed to disclose personal loan transactions with a client, conduct that is generally prohibited for brokers.

August 13, 2024: FINRA AWC summary

Likhtenstein submitted a Letter of Acceptance, Waiver, and Consent (AWC) to resolve FINRA allegations. The prior investor alert summarized that he was most recently associated with Osaic Wealth, Inc. until June 2024, and that FINRA alleged he refused to provide information and testimony requested under FINRA Rule 8210, which FINRA treated as a violation of Rules 8210 and 2010.

Why promissory notes can be a major red flag

Promissory notes are not automatically fraudulent. However, in many investor-loss cases, promissory notes appear when:

• the “investment” is private and issued by the adviser or a related entity
• returns are pitched as unusually high or “guaranteed”
• the use of funds is vague or hard to verify
• investors are told the note is safe because of collateral that is difficult to confirm

What to do if you invested with Marat Likhtenstein

If you believe you suffered losses, it can help to gather:

• promissory notes, wire confirmations, canceled checks, and payment schedules
• account statements and transaction histories
• emails, texts, and any “pitch” materials describing the investment
• a timeline of what you were told and when

Even if the transaction was described as a “loan,” investor claims can still involve suitability, misrepresentation, selling away, failure to supervise, and other issues depending on the facts.

Speak with ChapmanAlbin

If you invested with Marat Likhtenstein (CRD 2470480) and have questions about promissory notes, private investments, or suspected misappropriation, ChapmanAlbin can evaluate your situation and discuss potential options.

Call ChapmanAlbin at (877) 410-8172 for a free, confidential consultation.