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The Arizona Corporation Commission has mandated LABI Investments, also recognized as Wealthwise, along with its CEO Lisa Anne Boisselle, to reimburse clients $1.3 million and pay an administrative penalty of $75,000 for securities fraud.
According to the agency, in 2021, Boisselle began advising clients to invest in the cryptocurrency projects NovaTech and HyperFund (HyperVerse). Boisselle assured investors that their funds were secure and could be withdrawn at any time, and that the amount invested would only increase over time. From November 2021 to April 2023, she managed to attract at least 16 clients, amassing $1,398,900 that was invested in the aforementioned crypto projects.
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In August 2022, both local and international regulatory bodies issued warnings urging investors not to invest in NovaTech. In 2024, the U.S. Securities and Exchange Commission (SEC) accused the creators of NovaTech of running a crypto pyramid scheme, with losses exceeding $650 million. However, Boisselle did not inform her clients, to whom she provided advisory services, about this development.
The Commission noted that, as the owner and head of the compliance department at Wealthwise, Boisselle failed to ensure the renewal of her company’s license. The investment advisory license for Wealthwise was only valid until February 2022. Consequently, the agency charged Wealthwise and all its agents with violations of the Securities Act and the Investment Management Act.
In December, U.S. prosecutors filed new charges against the promoter of the HyperFund crypto scheme, where investors lost $1.8 billion. Rodney Burton faces up to 20 years in prison for fraud and up to 10 years for money laundering.
