Former Financial Advisor Marat Likhtenstein Sued by SEC and Barred by FINRA

• February 16, 2026
• Osaic Wealth

Broker’s Background

 

Marat Likhtenstein (CRD #: 2470480) was previously registered with Osaic Wealth, Inc. Okuma’s s past employers include Osaic Welath, Inc., Signator Investors, Inc., Park Avenue Securities, LLC, Guardian Investor Servies Corporation, John Hancock Distributors, Inc. and John Hancock Mutual Life Insurance Company.

 

Current and Past Allegations of Conduct Leading to Investment Loss

 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September 2025, Marat Likhtenstein became the subject of a customer dispute alleging, “misappropriation alleged with regard to loan funds.” The damage amount requested is $296,000.00.

In addition, September 17^th 2025 “misappropriation alleged with regard to loan funds”. The damage amount requested is $1,200,000.00.

Marat Likhtenstein has been the subject of four other FINRA disclosures.

 

• September 17^th 2025 “misappropriation alleged with regard to loan funds”. The damage amount requested is $1,200,000.00.

 

• September 17^th 2025 “misappropriation alleged with regard to loan funds”. The damage amount requested is $425,000.00.

 

• September 17^th 2025 “misappropriation alleged with regard to loan funds”. The damage amount requested is $400,000.00.

 

• September 24^th 2025 “misappropriation alleged with regard to loan funds”. The damage amount requested is $155,000.00.

 

In addition, Marat Likhtenstein has been the subject of an SEC disclosure.

 

“On September 26, 2025, the U.S. District Court for the Eastern District of New York issued this Complaint as to Defendant Marat Likhtenstein (“Likhtenstein” or “Defendant”). From at least April 2017 through June 2024, Likhtenstein perpetrated a brazen, multimillion-dollar Ponzi-like scheme primarily targeting the Russian-American Jewish community. Likhtenstein, while acting as an investment adviser, solicited, recommended, and sold self-issued investments in the form of promissory notes (“Promissory Notes”) to at least 15 clients (“Clients”) and raised more than $4.1 million. To falsely make the Promissory Notes investments appear safe, Likhtenstein repeatedly listed his house in Brooklyn, with the purported value of $1.4 million, as collateral for the promised interest and principal. As Likhtenstein knew-but did not disclose to his Clients-his house was heavily mortgaged and had been used as collateral in Promissory Notes offered and sold to many other Clients, rendering it essentially worthless as collateral. Likhtenstein falsely told Clients, many of whom were elderly, that if they purchased Promissory Notes from him through his “side business,” they would earn extraordinary interest rates through investments in highly lucrative business opportunities and deals. In reality, Likhtenstein did not use Client funds to invest in business opportunities or deals; instead, he misappropriated their funds by making approximately $940,000 in Ponzi-like payments to other investors and by spending approximately $3.2 million on his personal expenses. In the summer of 2024, Likhtenstein admitted to at least one Client that he had been running a “pyramid” scheme for over ten years, compared himself to disgraced financier Bernard Madoff, and stated that he would still be running the scheme if someone had not “ratted” him out. To date, none of the Clients has recouped their initial investment or received the returns Likhtenstein promised to them. As a result of his conduct, Likhtenstein has violated Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder; and Sections 206(1) and (2) of the Investment Advisers Act of 1940.”

 

For a copy of Marat Likhtenstein’s FINRA Broker Check, click here

 

We Help Investors Recover Investment Losses

 

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

 

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

 

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

 

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation. Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

 

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies, and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (855) 289-7868 or by email at mwolper@wolperlawfirm.com