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Michael Lakshin of Fair Lawn and Edward "Eddie" Aizman of Brooklyn, NY, along with their company Bowmo, Inc., face a civil enforcement action for defrauding at least one New Jersey investor, according to a complaint filed by the New Jersey Bureau of Securities on Friday, Nov. 22.
Lakshin, leveraging a childhood connection, persuaded the investor to liquidate her $90,000 retirement account to invest $84,681.19 in Bowmo, a start-up focused on job recruiting software, Attorney General Matthew J. Platkin said. Instead of using the funds for business growth, the defendants allegedly diverted the money for personal expenses, including cash advances, a stay at a Cape Cod bed and breakfast, and purchases at luxury retailers.
“The defendants in this case shamelessly bankrolled their lavish lifestyles with someone else’s hard-earned retirement savings,” said Attorney General Platkin.
Lakshin and Aizman assured the investor her funds would generate significant returns and pressured her to act quickly, warning her that missing out would make him “look bad in front of [his] partners,” the complaint states. Despite promises that Bowmo would reimburse any penalties, the investor incurred significant charges from liquidating her account and potential tax liabilities.
The funds were further misappropriated, transferred to personal accounts, and funneled to unrelated entities, including Lionscross, LLC, owned solely by Lakshin, and family members, including Aleksandra Aizman, the complaint alleges.
The lawsuit seeks to ban the defendants from selling securities in New Jersey, impose monetary penalties, and secure restitution for the investor, including interest and legal costs.
The Bureau of Securities reminds residents to always verify investment opportunities through its resources, available at www.NJSecurities.gov.
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