BOSTON, MA — David Markiewicz, a former banquet employee from Hull, has been charged with securities fraud after allegedly defrauding more than $700,000 from 12 former coworkers through a fraudulent investment scheme.
According to the Massachusetts Securities Division, led by Secretary William Galvin, Markiewicz ran the scheme over eight years, targeting mostly Massachusetts residents. During the COVID-19 pandemic shutdown, Markiewicz promoted a “get rich quick options and securities program” while the hotel where he worked was closed.
In 2017, Markiewicz established Nantasket Trading, LLC, which he used to present a façade of a legitimate pooled investment fund. Despite never registering to trade securities in Massachusetts, he solicited investments under Nantasket Trading’s name, depositing investor funds into his personal bank account.
Investigators say Markiewicz used some funds for trading options and futures via his personal brokerage account but spent much of the money on personal expenses like travel, retail purchases, dining, and payments to a soccer academy in Arizona.
To cover up losses and misuse, he allegedly sent investors false earnings reports showing consistent gains. Even after reportedly losing nearly all the money, Markiewicz continued soliciting new investments, falsely claiming favorable market conditions.
The Securities Division is seeking an order to force Markiewicz and Nantasket Trading to return all illicit funds, pay restitution and interest to victims, and to be permanently barred from securities registration in Massachusetts. An administrative fine is also being pursued.
Secretary Galvin urges anyone affected or with information on the case to contact the Securities Division.
