The SEC?s complaint alleges that Loomis and Hagener instead used the money primarily to prop up Loomis? other failing businesses. The SEC further alleges that Loomis paid himself hundreds of thousands of dollars from companies that received investor money and Hagener received more than $190,000 for managing the funds even though he was misappropriating investors? money to fund other businesses. Loomis solicited seminar attendees to invest in two investment funds called the ?Naras Secured Funds,? claiming the funds would make short-term secured loans to homebuyers, yielding 12 percent returns to investors. The SEC alleges that, contrary to Loomis? promises, the loans were primarily used to pay such operating expenses as payroll, utilities, and travel expenses for several other businesses owned by Loomis, and to prop up a related real estate scheme. The SEC?s complaint charges Loomis, Hagener, Loomis Wealth Solutions, LLC, and Lismar Financial Services, LLC with violating the antifraud and registration provisions of the federal securities laws, and also charges Hagener and his company, Lismar Financial Services, LLC, with violating investment advisory provisions of the federal securities laws. read more

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