Nicholas Mitsakos; Matrix Capital Markets

The Securities and Exchange Commission (SEC) charged Nicholas Mitsakos and Matrix Capital Markets with soliciting investors in a purported hedge fund while falsely marketing their track record as highly unsuccessful. They claimed assets under management in the millions when in fact they did not manage any client assets at all. They fabricated a hypothetical portfolio of investments earning 20% to 66% annual returns and passed it off to investors as real trading. Mr. Mitsakos was given $2 million by a client, and he used $800,000 of it for unauthorized personal and business expenses. The SEC alleged that Mr. Mitsakos and his firm tried to lure prospective investors with a mirage of assets under management and phony performance results. Mitsakos is currently registered with Matrix Capital Markets in San Francisco, California and has been since Janaury 2014.

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