Arizona financial advisor must pay $1.4 million for cryptocurrency fraud

An Arizona financial advisor has been instructed by regulators to reimburse almost $1.4 million to numerous clients after deceiving them into investing in cryptocurrency programs, the officials announced on Wednesday.

Lisa Anne Boisselle, the president, owner, and chief compliance officer of Wealthwise, was ordered by the Arizona Corporation Commission, the governing body that supervises utilities, business filings, securities, and more, to repay $1,398,900 in restitution, along with $75,000 in administrative penalties for engaging in securities fraud.

Beginning in 2021, Boisselle encouraged her clients to invest in two cryptocurrency schemes known as NovaTech and HyperFund, which is also referred to as HyperVerse. Between November 2021 and 2023, Boisselle received nearly $1.4 million from at least 16 investors, assuring them that their money was secure, accessible, and would yield profits over time.

However, investigators later discovered that Boisselle had not informed her clients about the warnings and legal actions taken by regulators against NovaTech from 2022 onwards. Consequently, the commission mandated that Boisselle, Wealthwise, and all associated parties permanently cease their activities for violations of the Securities and Investment Management Act.

Regulators noted that Boisselle has not requested a hearing or provided a response to the allegations of fraud, indicating a lack of willingness to address the situation raised against her.

In conclusion, the case of the Arizona financial advisor serves as a cautionary tale for investors to exercise due diligence and vigilance when participating in any investment opportunities, particularly in emerging sectors such as cryptocurrency. The ruling against Boisselle underscores the importance of adhering to regulatory guidelines and being transparent with clients to prevent fraudulent activities in the financial industry.