The Securities and Exchange Commission (SEC) recently charged Steven Zoernack and his firm, EquityStar, for concealing past incidents and providing false and misleading statements to investors. Allegedly, Zoernack and his company, EquityStar, which he owned and operated, sold more than $5.6 million of interests in two private investment funds to over 40 investors. The SEC claims that Zoernack withdrew $1 million of the investors’ funds in secret. He also allegedly made certain that customers would not find out about his two past fraud convictions, his bankruptcy filling and other money related violations. The SEC statement also alleged that he hired a firm to manipulate internet search results of his name by flooding the internet with fraudulent information indicating his success as a fund manager and investor. He also allegedly used aliases to provide the illusion that EquityStar was larger than just himself, provided false data to Morninstar Inc. to receive a five star rating and distributed false advertising materials. Zoernack did not register himself or his funds with the SEC or any state. He is currently awaiting the scheduling of a public hearing before an administrative judge.
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