SEC v. Estate of Stephen Romney Swensen; Crew Capital Group, LLC; Wendy Swensen; Saria C. Rodriguez; WS Family IP, LLC; Wingman, LLC, et al., No. 1:22-cv-00135, District of Utah (Aug. 18, 2025) — Complaint

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Casey R. Fronk (Illinois Bar No. 6296535)
Cheryl M. Mori (Utah Bar No. 8887)
Attorneys for Plaintiff
Securities and Exchange Commission
351 South West Temple, Suite 6.100
Salt Lake City, UT  84101
Tel: (801) 524-5796
[email protected]
[email protected]

IN THE UNITED STATES DISTRICT COURT

DISTRICT OF UTAH, NORTHERN DIVISION

SECURITIES AND EXCHANGE
COMMISSION,

            Plaintiff,

v.

THE ESTATE OF STEPHEN ROMNEY
SWENSEN, and CREW CAPITAL GROUP,
LLC, a Nevada limited liability company,

            Defendants,

WENDY SWENSEN, an individual, SARIA
C. RODRIGUEZ, an individual, WS
FAMILY IP, LLC, a Utah limited liability
company, WINGMAN, LLC, a Utah limited
liability company, and SWENSEN
CAPITAL, LLC, a Utah limited liability
company,

            Relief            Defendants.

COMPLAINT

Case No.:

Judge:

Magistrate Judge:

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Plaintiff, Securities and Exchange Commission (the “Commission”), alleges as follows:
SUMMARY
1. This case involves the late Stephen Romney Swensen’s (“Swensen’s”) multi-year
fraudulent securities offering, through which he defrauded over 50 investors of at least $29.3
million.
2. Since at least July 2011 until his death on June 6, 2022, Swensen made false
statements to investors to induce them to invest in Crew Capital Group, LLC (“Crew Capital”).
Among other things, Swensen told investors that Crew Capital was a safe investment fund
paying a guaranteed minimum of 5% annually, and up to 10% annually depending on the
performance of the S&P 500 index; that Crew Capital invested in various securities, including in
bank loans and options on the S&P 500 index; and that Crew Capital was one of the safest places
to invest their money.
3. In fact, Crew Capital, a limited liability company Swensen created and operated,
invested no money in securities.  Rather, once investors solicited by Swensen sent their
investment funds to Crew Capital, Swensen pooled the funds in an account in Crew Capital’s
name at Wells Fargo Bank, N.A., on which Swensen was the sole signatory.  Swensen then used
a portion of the money to make periodic payments of fictitious earnings to certain investors in a
Ponzi-like fashion, and used the bulk of the money for personal expenses, including the living
expenses of his family and his mistresses, and luxuries such as private airplanes.  Swensen also
diverted investor funds from Crew Capital to other businesses that Swensen owned (including
Relief Defendants Swensen Capital, LLC and Wingman, LLC).
4. Although Swensen is now deceased, Crew Capital continues to violate the federal
securities laws by disseminating false and misleading statements to investors.  Swensen created a
website for Crew Capital that is still operating and displaying fictitious information to investors
about the investors’ purported “accounts” with Crew Capital.  In fact, no such accounts exist, and

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the remaining investor money sent to Crew Capital is now being spent and otherwise dissipated
by Defendants and Relief Defendants.
5. The Commission brings this action against Swensen’s estate and Crew Capital to
halt Crew Capital’s ongoing violations of the federal securities laws, prevent further harm to
investors through the dissipation of assets, seek disgorgement stemming from Swensen’s and
Crew Capital’s wrongdoing, and recover investor money from the Relief Defendants so that
funds can be returned to investors who were victims of the fraud.
JURISDICTION AND VENUE
6. The Commission brings this action pursuant to Sections 20(b) of the Securities
Act of 1933 (“Securities Act”) [15 U.S.C. § 77t(b)], and Sections 21(d) and 21(e) of the
Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78u(d) and (e)].
7. This Court has jurisdiction over this action pursuant to Section 22 of the
Securities Act [15 U.S.C. § 77v] and Section 27 of the Exchange Act [15 U.S.C. § 78aa].
8. Venue is proper in this Court pursuant to Section 27 of the Exchange Act [15
U.S.C. § 78aa].  Defendants and Relief Defendants are found, inhabit, and/or transacted business
in the District of Utah, Northern Division, and one or more acts or transactions constituting the
violations alleged herein occurred in the District of Utah.
9. Swensen and Crew Capital were, individually and collectively, involved in the
offer and sale of securities, as that term is defined under Section 2(a)(1) of the Securities Act [15
U.S.C. § 77b(a)(1)] and Section 3(a)(10) of the Exchange Act [15 U.S.C. § 78c(a)(10)], issued
by Defendant Crew Capital Group, LLC.
10. Defendants, directly or indirectly, made use of the mails or the means or
instrumentalities of interstate commerce in connection with the conduct alleged in this
Complaint.

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DEFENDANTS
11. The Estate of Stephen Romney Swensen (the “Swensen Estate”) is the
successor in interest to Swensen, who is deceased.  Swensen’s widow, Wendy Swensen, is the
Executor of the Swensen Estate.  The Swensen Estate comprises the property in which Swensen
had an interest at the time of his death, including real, personal, or other property he owned,
possessed, or controlled, whether directly or indirectly.
12. Prior to his death, Swensen exercised undisclosed de facto control over Crew
Capital Group, LLC, through nominee/figurehead entities and individuals.  Swensen controlled
Crew Capital’s bank account at Wells Fargo Bank, N.A. at all relevant times.
13. Crew Capital Group, LLC, f/k/a Capital Cooperative Group, LLC (“Crew
Capital”) is a Nevada limited liability company formed in March 2010  On information and
belief, Swensen is the only individual to have management control over, or ownership interest in,
Crew Capital.  Crew Capital has no actual business operations other than Swensen’s efforts to
raise investments for Crew Capital.  Swensen operated Crew Capital from Utah.
RELIEF DEFENDANTS
14. Wendy Swensen (“Wendy”), age 51, is a resident of Utah.  Wendy had been
married to Swensen for 29 years at the time of Swensen’s death.  Wendy has received proceeds
from Swensen’s fraud to which she has no legitimate claim.  Among other things, Swensen gave
Wendy at least $356,000 in investor funds directly from Crew Capital, and also provided Wendy
with real property and other assets Swensen purchased at least in part using investor funds.
15. Saria C. Rodriguez (“Rodriguez”), age 30, is last known to be a resident of Utah.
Rodriguez received at least $40,136 in proceeds from Swensen’s fraud, to which she has no
legitimate claim.  On information and belief, Swensen also used proceeds of the fraud to pay for
Rodriguez’s living expenses, and Rodriguez is in possession of property that Swensen purchased
with proceeds from the fraud.

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16. WS Family IP, LLC (“WS Family IP”) is a Utah limited liability company
formed in July 2022 with a principal place of business in Kaysville, Utah.  Wendy is the sole
manager of WS Family IP.  WS Family IP holds title to at least a home in Kaysville, Utah that
was purchased, at least in part, using proceeds of the fraud to which WS Family IP has no
legitimate claim.
17. Swensen Capital, LLC, f/k/a Last Advisor, LLC, f/k/a Four Buckets, LLC
(“Swensen Capital”) is a Utah limited liability company formed in January 2014, and does
business under the name Bucket Bliss.  Its principal place of business is in Layton, Utah.  Prior
to his death, Swensen was the sole manager of Swensen Capital and the sole signatory on its
bank account.  In July 2022, Ronald S. Gibb became Swensen Capital’s sole manager and
became a signatory to its bank account.  Swensen Capital received at least $978,429 in proceeds
from Swensen’s fraud to which it has no legitimate claim.
18. Wingman, LLC (“Wingman”) is a Utah limited liability company formed in
August 2020 with a principal place of business in Kaysville, Utah.  Swensen was Wingman’s
sole manager.  Wingman’s business involved the creation of a messaging app called “Wingman”
that is available on the Apple app store.  Swensen funded Wingman’s operations using proceeds
from the fraud, to which Wingman has no legitimate claim.
FACTS
19. Stephen Romney Swensen (“Swensen”), age 50 at the time of his death, was a
resident of Kaysville, Utah.  During the period in which Swensen operated the Crew Capital
fraud, he was a registered representative of broker-dealers Summit Brokerage Services, Inc.
(March 2020 to June 2014), Allegis Investment Services, LLC (July 2014 to May 2018), and
J.W. Cole Financial, Inc. (May 2018 to June 2018), and an investment adviser representative of
Allegis Investment Advisors, LLC (February 2017 to May 2018), J.W. Cole Advisors, Inc. (May
2018 to June 2018), and Wealth Navigation Advisors (June 2018 to June 2022).

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20. Swensen initially worked with his father, Philip Swensen, who was a registered
representative of several broker-dealers during his career.  Philip Swensen developed an
investment approach that involved four “buckets.”  The safest investments were put into “Bucket
1,” and were for short-term cash flow needs.  The remaining three buckets were for progressively
riskier investments, with the potential for higher returns.  After Philip Swensen retired in July
2014, Swensen retained many of Philip’s customers and continued using the “four bucket”
approach.
21. From approximately September 2013 to approximately May 2018, Swensen
worked with Jason Kimber, who was a registered representative of broker-dealers Summit
Brokerage Services, Inc. and Allegis Investment Services, LLC.  From approximately May 2018
to approximately May 2022, Swensen worked with Jacob Cazier, an investment adviser
representative of Wealth Navigation Advisors.
Swensen’s Fraudulent Scheme
22. Beginning in at least July 2011, Swensen started offering and selling investment
interests in Crew Capital.  Swensen solicited his customers and clients during meetings at which
Swensen advised them on their investment portfolios and retirement plans.  Swensen
recommended that his customers and clients invest in Crew Capital as part of their investment
and retirement strategy.
23. Swensen told investors, among other things, that Crew Capital was a safe
investment fund that paid guaranteed minimum returns of 5% annually, with possible annual
returns as high as 10% depending on how well the S&P 500 performed that year.  He said that
Crew Capital could provide their retirement income.  He further said that Crew Capital was a
“Bucket 1” investment, the safest investment in their portfolios.
24. Swensen also told certain investors that they would be investing in a fund at the
Bank of Utah, with the same guaranteed minimum returns of 5% to 10%.  Swensen represented

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this Bank of Utah fund was a “Bucket 1 investment,” meaning that it was the safest of their
investments.  There was no fund at Bank of Utah, however, and after investors funded their
accounts at Bank of Utah, Swensen immediately transferred those investor funds from the Bank
of Utah to Crew Capital’s bank account at Wells Fargo Bank.
25. Swensen also provided written documentation about the fictitious Crew Capital
investment to some investors.  Those documents falsely described Crew Capital as an “actively
managed portfolio” that invested both in senior secured floating rate loans and options on the
S&P 500 index.  Some of the documents also falsely stated that Pacific Investment Management
Company, LLC (“PIMCO”) was the subadvisor to Crew Capital and that Crew Capital had been
in existence since 1997.  Other documents falsely stated that Crew Capital’s “share class
inception” date was April 29, 2011.  Swensen also hired a graphic design company to create an
official-looking logo, which he used on Crew Capital documentation.
26. Swensen also provided some investors with falsified PIMCO documents to make
it appear that PIMCO and Crew Capital together managed a “Senior Floating Rate Fund.”
Swensen doctored actual PIMCO documentation for PIMCO’s Senior Floating Rate Fund by
adding his Crew Capital logo and the words “Crew” and “Crew Capital Group” in various
places.  One of the doctored documents represented that there was a “Crew / PIMCO Senior
Floating Rate Fund” that invested in “floating or variable senior secured loans and short dated
high yield bonds.”  Another of the doctored documents purported to be an annual report of the
“Crew Capital Group / PIMCO Funds” and represented that a joint Crew/PIMCO fund existed
with $318,897,000 in total assets.  In fact, PIMCO never had any relationship with either
Swensen or Crew Capital.
27. Swensen also developed and maintained a website for Crew Capital with the
assistance of a web developer and a graphic designer.  When Crew Capital was named Capital
Cooperative, the website was available at www.capitalcoop.com.  Once the name changed to

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Crew Capital in 2015, the website was available at www.crewfunds.com.  These websites
represented, among other things, that Crew Capital could eliminate market risk, saying: “Do you
want to eliminate market turbulence?  Talk to your financial advisor about how.”  Swensen
provided login credentials for the websites to Crew Capital investors.  Investors were able to log
in and view their account balances, including the fictitious returns.  Investor accounts at the
websites purported to show daily accrual of the guaranteed 5% annual returns, with an additional
annual lump sum payment of up to another 5% annual return on the anniversary of the date of
their investment.  In fact, the representations regarding the accrual of funds in investor accounts
were entirely fictitious.
28. Swensen maintained a bank account at Wells Fargo Bank in Crew Capital’s name.
Swensen alone controlled the account.  He pooled Crew Capital investor money in this account.
29. Swensen obtained investor money in several ways.  For example, he instructed
investors at various times to write personal checks to Crew Capital, to obtain cashier’s checks
payable to Crew Capital, to wire funds directly to Crew Capital’s accounts at Wells Fargo Bank,
and/or to sign documentation authorizing the transfer of funds into Crew Capital’s account
directly from the investor’s other investment or retirement accounts.
30. Swensen also instructed several investors to open self-directed IRA accounts at
the Bank of Utah.  Swensen further instructed these investors to sign a “Letter of Authorization”
authorizing Swensen to direct the disposition of the funds in those self-directed Bank of Utah
IRA accounts.  Once the investors deposited money into their new Bank of Utah accounts (or, in
some instances, transferred the money into the Bank of Utah from other investment or retirement
accounts), Swensen instructed the Bank of Utah to wire the funds to Crew Capital’s account at
Wells Fargo Bank.

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31. By the time of Swensen’s death, Swensen had raised at least $29.3 million in
investor funds through these fraudulent schemes.  Crew Capital’s bank account received
additional transfers of putative investor funds from the Bank of Utah of at least $7.1 million.
Swensen’s Statements About Crew Capital Were False
32. Swensen’s oral and written representations about Crew Capital were false.  In
reality, neither Swensen nor Crew Capital actually invested the money that investors put into
Crew Capital.  Neither Swensen nor Crew Capital had any affiliation with PIMCO.  Once
Swensen pooled investor funds in the Crew Capital account at Wells Fargo Bank, he used that
account as though it were his personal account.  He made Ponzi-type payments of returns to
investors, which were funded from their own capital investment and from the capital investments
of other victims.  Swensen also used Crew Capital’s money to pay for his family’s living
expenses.  He used Crew Capital’s money to buy and maintain several airplanes.  He used Crew
Capital’s money to purchase homes and vehicles, and to fund his and his family’s lifestyle.  He
spent Crew Capital’s money on the living expenses of at least two mistresses.  He also used
Crew Capital’s money to pay the operating expenses of Relief Defendants Swensen Capital, LLC
and Wingman, LLC.
33. Swensen continued to make false and misleading statements to investors even
after he had obtained their money.  For example, he provided false Crew Capital account
statements to some investors purporting to show their Crew Capital account number, account
balance, and accrued interest.  Swensen also controlled the websites for Crew Capital, which
displayed false account balances and earnings information to investors who logged in.  Swensen
controlled and updated the fake account balances and earnings information on the website.
34. Swensen provided false Crew Capital account information to the Bank of Utah for
the victims whose investments were done through the Bank of Utah.  The Bank of Utah used that
false information to create account statements issued by the Bank of Utah.  These statements

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from the Bank of Utah gave further assurance to investors that their money was safe and
accounted for by the Bank of Utah.
35. Swensen also caused Crew Capital to issue false IRS Forms 1099 to investors.
The Forms 1099 showed the amount of any withdrawals taken by investors during the year,
including required minimum distributions for IRAs.  The Forms 1099 showed the withdrawals as
interest income, such that investors paid taxes on their fictitious investment returns.
36. By convincing investors that their Crew Capital investments were doing well and
growing, Swensen persuaded several investors to invest additional funds in Crew Capital.
Swensen Acted With Intent To Deceive
37. Swensen took several steps to hide the truth about Crew Capital from investors
and create the appearance that Crew Capital was a legitimate company.
38. Swensen used a Nevada business entity creation service called Nevada Corporate
Headquarters, Inc. (“NCH”) to create and maintain Crew Capital’s legal status as a Nevada
limited liability company.  He paid extra fees to NCH for their “privacy package,” which meant
that NCH and its affiliates placed their names (rather than Swensen’s) on the documents filed
with the Nevada Secretary of State for Crew Capital.  This kept Swensen’s name from appearing
on documents for Crew Capital that were publicly available from the Nevada Secretary of State,
thus maintaining the fiction that Crew Capital was not directly owned and operated by Swenson.
39. Swensen also used mail forwarding services for Crew Capital to create the
appearance that Crew Capital was a legitimate company with offices in various states around the
country.  Initially, Swensen used the mail forwarding service offered by NCH, which allowed
Crew Capital to have mailing addresses in Las Vegas, Nevada.  Later, Swensen hired a virtual
office/mail forwarding company that provided mailing addresses in large office buildings in
Boston, New York City, and San Francisco.  Swensen used these mailing addresses on the
fictitious Crew Capital documents and account statements that he provided to investors.  This

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lent credibility to Swensen’s false statements that Crew Capital was an independent, legitimate
company operating an investment fund.
40. Swensen also obtained a toll-free number for Crew Capital and paid a virtual
receptionist service to staff the number.  Nonetheless, the phone calls for Crew Capital, and
messages left by investors who called, were forwarded to Swensen.  Crew Capital had no known
employees other than Swensen, and no business operations other than the fraudulent efforts to
induce victims to invest money.   Swensen is the only person known to have ownership interest
in or management control over Crew Capital.  He signed its tax returns as its President.
41. Swensen hired a web designer and a graphic designer to make the Crew Capital
paperwork and website appear more legitimate to investors.  Through the web designer and
hosting service, Swensen controlled Crew Capital’s website and updated his victims’ fictitious
account balances that were shown on the website.
42. On information and belief, Swensen had actual knowledge of the falsity of his
statements to investors and acted with intent to defraud investors.
FIRST CLAIM FOR RELIEF
Violations of Section 17(a) of the Securities Act [15 U.S.C. § 77q(a)(1)]
(Against Crew Capital and Swensen Estate)
43. The Commission re-alleges and incorporates by reference each and every
allegation in paragraphs 1–42, inclusive, as if they were fully set forth herein.
44. By engaging in the conduct described above, Swensen and Crew Capital, and
each of them, directly or indirectly, individually or in concert with others, in the offer and sale of
securities, by use of the means and instruments of transportation and communication in interstate
commerce or by use of the mails,
a. employed devices, schemes, or artifices to defraud;

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b. obtained money or property by means of untrue statements of material fact or
omissions to state material facts necessary in order to make the statements
made, in light of the circumstances under which they were made, not
misleading; and
c. engaged in transactions, practices, or courses of business which operated or
would operate as a fraud or deceit.
45. With respect to violations of Section 17(a)(1) of the Securities Act, each of
Swensen and Crew Capital engaged in the above-referenced conduct knowingly or with severe
recklessness.
46. With respect to violations of Sections 17(a)(2) and (a)(3) of the Securities Act,
each of Swensen and Crew Capital engaged in the above-referenced conduct was at least
negligent in its/his conduct and in making the untrue and misleading statements alleged herein.
47. By reason of the foregoing, Swensen and Crew Capital violated and, with respect
to Crew Capital, unless enjoined will continue to violate, Section 17(a) of the Securities Act [15
U.S.C. § 77q(a)].
SECOND CLAIM FOR RELIEF
Violations of Section 10(b) of the Exchange Act [15 U.S.C. § 78j(b)] and Exchange Act Rule
10b-5 [17 C.F.R. § 240.10b-5]
(Against Crew Capital and Swensen Estate)
48. The Commission re-alleges and incorporates by reference each and every
allegation in paragraphs 1–47inclusive, as if they were fully set forth herein.
49. By engaging in the conduct described above, Swensen and Crew Capital, directly
or indirectly, individually or in concert with others, in connection with the purchase or sale of
securities, by use of the means and instrumentalities of interstate commerce or by use of the
mails,

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a. employed devices, schemes, and artifices to defraud;
b. made untrue statements of material facts and/or omitted to state material facts
necessary in order to make the statements made, in light of the circumstances
under which they were made, not misleading; and
c. engaged in acts, practices, and course of business which operated as a fraud
and deceit upon purchasers, prospective purchasers, and other persons.
50. Each of Swensen and Crew Capital engaged in the above-referenced conduct and
made the above-referenced untrue and misleading statements knowingly or with severe
recklessness.
51. By reason of the foregoing, each of Swensen and Crew Capital have violated and,
with respect to Crew Capital, unless enjoined will continue to violate, Section 10(b) of the
Exchange Act [15 U.S.C. § 78j(b)] and Exchange Act Rule 10b-5 [17 C.F.R. § 240.10b-5].
THIRD CLAIM FOR RELIEF
Equitable Disgorgement
(Against All Relief Defendants)
52. The Commission re-alleges and incorporates by reference each and every
allegation in paragraphs 1–51, inclusive, as if they were fully set forth herein.
53. Each of the Relief Defendants named in paragraphs 14-18 above obtained money,
property, and assets as a result of the violations of the securities laws by Swensen and Crew
Capital, to which they have no legitimate claim.
54. Each of the Relief Defendants should be required to disgorge all ill-gotten gains
which inured to their benefit under the equitable doctrines of disgorgement, unjust enrichment
and constructive trust.

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PRAYER FOR RELIEF
WHEREFORE, the Commission respectfully requests that this Court enter a final
judgment:
I.
Permanently restraining and enjoining Crew Capital from, directly or indirectly, engaging
in conduct in violation of Section 17 of the Securities Act [15 U.S.C. § 77q(a)], Section 10(b) of
the Exchange Act [15 U.S.C. § 78j(b)], and Exchange Act Rule 10b–5 thereunder [17 C.F.R.
§ 240.10b–5];
II.
Permanently restraining and enjoining Crew Capital from soliciting any person or entity
to purchase or sell any security;
III.
Permanently restraining and enjoining Crew Capital from, directly or indirectly,
participating in the issuance, purchase, offer, or sale of any security;
IV.
Ordering Defendants and Relief Defendants to disgorge all ill-gotten gains or unjust
enrichment derived from the activities set forth in this Complaint, together with prejudgment
interest thereon;
V.
Retaining jurisdiction of this action in accordance with the principles of equity and the
Federal Rules of Civil Procedure in order to implement and carry out the terms of all orders and
decrees that may be entered, or to entertain any suitable application or motion for additional
relief within the jurisdiction of this Court; and,

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VI.
Granting such other and further relief as this Court may deem just, equitable, or necessary
in connection with the enforcement of the federal securities laws and for the protection of
investors.
Dated: October 14, 2022

      /s/ Casey R. Fronk
                                                                        Casey            R.            Fronk
      Cheryl M. Mori
      Attorneys for Plaintiff
                                                                        Securities            and            Exchange            Commission

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Casey R. Fronk (Illinois Bar No. 6296535) 
Cheryl M. Mori (Utah Bar No. 8887) 
Attorneys for Plaintiff 
Securities and Exchange Commission 
351 South West Temple, Suite 6.100 
Salt Lake City, UT  84101 
Tel: (801) 524-5796 
[email protected] 
[email protected] 
 
 

IN THE UNITED STATES DISTRICT COURT 
 

DISTRICT OF UTAH, NORTHERN DIVISION 
 

SECURITIES AND EXCHANGE 
COMMISSION, 
 
 Plaintiff, 
 
v. 
 
THE ESTATE OF STEPHEN ROMNEY 
SWENSEN, and CREW CAPITAL GROUP, 
LLC, a Nevada limited liability company, 
 
 Defendants,  
 
WENDY SWENSEN, an individual, SARIA 
C. RODRIGUEZ, an individual, WS 
FAMILY IP, LLC, a Utah limited liability 
company, WINGMAN, LLC, a Utah limited 
liability company, and SWENSEN 
CAPITAL, LLC, a Utah limited liability 
company, 
 
 Relief Defendants. 

 
COMPLAINT 

 
Case No.: 
 
Judge: 
 
Magistrate Judge: 

 
 

  

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Plaintiff, Securities and Exchange Commission (the “Commission”), alleges as follows:  

SUMMARY 

1. This case involves the late Stephen Romney Swensen’s (“Swensen’s”) multi-year 

fraudulent securities offering, through which he defrauded over 50 investors of at least $29.3 

million.     

2. Since at least July 2011 until his death on June 6, 2022, Swensen made false 

statements to investors to induce them to invest in Crew Capital Group, LLC (“Crew Capital”).  

Among other things, Swensen told investors that Crew Capital was a safe investment fund 

paying a guaranteed minimum of 5% annually, and up to 10% annually depending on the 

performance of the S&P 500 index; that Crew Capital invested in various securities, including in 

bank loans and options on the S&P 500 index; and that Crew Capital was one of the safest places 

to invest their money.   

3. In fact, Crew Capital, a limited liability company Swensen created and operated, 

invested no money in securities.  Rather, once investors solicited by Swensen sent their 

investment funds to Crew Capital, Swensen pooled the funds in an account in Crew Capital’s 

name at Wells Fargo Bank, N.A., on which Swensen was the sole signatory.  Swensen then used 

a portion of the money to make periodic payments of fictitious earnings to certain investors in a 

Ponzi-like fashion, and used the bulk of the money for personal expenses, including the living 

expenses of his family and his mistresses, and luxuries such as private airplanes.  Swensen also 

diverted investor funds from Crew Capital to other businesses that Swensen owned (including 

Relief Defendants Swensen Capital, LLC and Wingman, LLC). 

4. Although Swensen is now deceased, Crew Capital continues to violate the federal 

securities laws by disseminating false and misleading statements to investors.  Swensen created a 

website for Crew Capital that is still operating and displaying fictitious information to investors 

about the investors’ purported “accounts” with Crew Capital.  In fact, no such accounts exist, and 

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the remaining investor money sent to Crew Capital is now being spent and otherwise dissipated 

by Defendants and Relief Defendants.  

5. The Commission brings this action against Swensen’s estate and Crew Capital to 

halt Crew Capital’s ongoing violations of the federal securities laws, prevent further harm to 

investors through the dissipation of assets, seek disgorgement stemming from Swensen’s and 

Crew Capital’s wrongdoing, and recover investor money from the Relief Defendants so that 

funds can be returned to investors who were victims of the fraud.   

JURISDICTION AND VENUE 

6. The Commission brings this action pursuant to Sections 20(b) of the Securities 

Act of 1933 (“Securities Act”) [15 U.S.C. § 77t(b)], and Sections 21(d) and 21(e) of the 

Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78u(d) and (e)]. 

7. This Court has jurisdiction over this action pursuant to Section 22 of the 

Securities Act [15 U.S.C. § 77v] and Section 27 of the Exchange Act [15 U.S.C. § 78aa]. 

8. Venue is proper in this Court pursuant to Section 27 of the Exchange Act [15 

U.S.C. § 78aa].  Defendants and Relief Defendants are found, inhabit, and/or transacted business 

in the District of Utah, Northern Division, and one or more acts or transactions constituting the 

violations alleged herein occurred in the District of Utah. 

9. Swensen and Crew Capital were, individually and collectively, involved in the 

offer and sale of securities, as that term is defined under Section 2(a)(1) of the Securities Act [15 

U.S.C. § 77b(a)(1)] and Section 3(a)(10) of the Exchange Act [15 U.S.C. § 78c(a)(10)], issued 

by Defendant Crew Capital Group, LLC.  

10. Defendants, directly or indirectly, made use of the mails or the means or 

instrumentalities of interstate commerce in connection with the conduct alleged in this 

Complaint. 

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DEFENDANTS 

11. The Estate of Stephen Romney Swensen (the “Swensen Estate”) is the 

successor in interest to Swensen, who is deceased.  Swensen’s widow, Wendy Swensen, is the 

Executor of the Swensen Estate.  The Swensen Estate comprises the property in which Swensen 

had an interest at the time of his death, including real, personal, or other property he owned, 

possessed, or controlled, whether directly or indirectly.   

12. Prior to his death, Swensen exercised undisclosed de facto control over Crew 

Capital Group, LLC, through nominee/figurehead entities and individuals.  Swensen controlled 

Crew Capital’s bank account at Wells Fargo Bank, N.A. at all relevant times.   

13. Crew Capital Group, LLC, f/k/a Capital Cooperative Group, LLC (“Crew 

Capital”) is a Nevada limited liability company formed in March 2010  On information and 

belief, Swensen is the only individual to have management control over, or ownership interest in, 

Crew Capital.  Crew Capital has no actual business operations other than Swensen’s efforts to 

raise investments for Crew Capital.  Swensen operated Crew Capital from Utah.    

RELIEF DEFENDANTS 

14. Wendy Swensen (“Wendy”), age 51, is a resident of Utah.  Wendy had been 

married to Swensen for 29 years at the time of Swensen’s death.  Wendy has received proceeds 

from Swensen’s fraud to which she has no legitimate claim.  Among other things, Swensen gave 

Wendy at least $356,000 in investor funds directly from Crew Capital, and also provided Wendy 

with real property and other assets Swensen purchased at least in part using investor funds.  

15. Saria C. Rodriguez (“Rodriguez”), age 30, is last known to be a resident of Utah.  

Rodriguez received at least $40,136 in proceeds from Swensen’s fraud, to which she has no 

legitimate claim.  On information and belief, Swensen also used proceeds of the fraud to pay for 

Rodriguez’s living expenses, and Rodriguez is in possession of property that Swensen purchased 

with proceeds from the fraud.  

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16. WS Family IP, LLC (“WS Family IP”) is a Utah limited liability company 

formed in July 2022 with a principal place of business in Kaysville, Utah.  Wendy is the sole 

manager of WS Family IP.  WS Family IP holds title to at least a home in Kaysville, Utah that 

was purchased, at least in part, using proceeds of the fraud to which WS Family IP has no 

legitimate claim. 

17. Swensen Capital, LLC, f/k/a Last Advisor, LLC, f/k/a Four Buckets, LLC 

(“Swensen Capital”) is a Utah limited liability company formed in January 2014, and does 

business under the name Bucket Bliss.  Its principal place of business is in Layton, Utah.  Prior 

to his death, Swensen was the sole manager of Swensen Capital and the sole signatory on its 

bank account.  In July 2022, Ronald S. Gibb became Swensen Capital’s sole manager and 

became a signatory to its bank account.  Swensen Capital received at least $978,429 in proceeds 

from Swensen’s fraud to which it has no legitimate claim.   

18. Wingman, LLC (“Wingman”) is a Utah limited liability company formed in 

August 2020 with a principal place of business in Kaysville, Utah.  Swensen was Wingman’s 

sole manager.  Wingman’s business involved the creation of a messaging app called “Wingman” 

that is available on the Apple app store.  Swensen funded Wingman’s operations using proceeds 

from the fraud, to which Wingman has no legitimate claim.  

FACTS 

19. Stephen Romney Swensen (“Swensen”), age 50 at the time of his death, was a 

resident of Kaysville, Utah.  During the period in which Swensen operated the Crew Capital 

fraud, he was a registered representative of broker-dealers Summit Brokerage Services, Inc. 

(March 2020 to June 2014), Allegis Investment Services, LLC (July 2014 to May 2018), and 

J.W. Cole Financial, Inc. (May 2018 to June 2018), and an investment adviser representative of 

Allegis Investment Advisors, LLC (February 2017 to May 2018), J.W. Cole Advisors, Inc. (May 

2018 to June 2018), and Wealth Navigation Advisors (June 2018 to June 2022).   

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20. Swensen initially worked with his father, Philip Swensen, who was a registered 

representative of several broker-dealers during his career.  Philip Swensen developed an 

investment approach that involved four “buckets.”  The safest investments were put into “Bucket 

1,” and were for short-term cash flow needs.  The remaining three buckets were for progressively 

riskier investments, with the potential for higher returns.  After Philip Swensen retired in July 

2014, Swensen retained many of Philip’s customers and continued using the “four bucket” 

approach.  

21. From approximately September 2013 to approximately May 2018, Swensen 

worked with Jason Kimber, who was a registered representative of broker-dealers Summit 

Brokerage Services, Inc. and Allegis Investment Services, LLC.  From approximately May 2018 

to approximately May 2022, Swensen worked with Jacob Cazier, an investment adviser 

representative of Wealth Navigation Advisors.  

Swensen’s Fraudulent Scheme 

22. Beginning in at least July 2011, Swensen started offering and selling investment 

interests in Crew Capital.  Swensen solicited his customers and clients during meetings at which 

Swensen advised them on their investment portfolios and retirement plans.  Swensen 

recommended that his customers and clients invest in Crew Capital as part of their investment 

and retirement strategy.   

23. Swensen told investors, among other things, that Crew Capital was a safe 

investment fund that paid guaranteed minimum returns of 5% annually, with possible annual 

returns as high as 10% depending on how well the S&P 500 performed that year.  He said that 

Crew Capital could provide their retirement income.  He further said that Crew Capital was a 

“Bucket 1” investment, the safest investment in their portfolios. 

24. Swensen also told certain investors that they would be investing in a fund at the 

Bank of Utah, with the same guaranteed minimum returns of 5% to 10%.  Swensen represented 

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this Bank of Utah fund was a “Bucket 1 investment,” meaning that it was the safest of their 

investments.  There was no fund at Bank of Utah, however, and after investors funded their 

accounts at Bank of Utah, Swensen immediately transferred those investor funds from the Bank 

of Utah to Crew Capital’s bank account at Wells Fargo Bank. 

25. Swensen also provided written documentation about the fictitious Crew Capital 

investment to some investors.  Those documents falsely described Crew Capital as an “actively 

managed portfolio” that invested both in senior secured floating rate loans and options on the 

S&P 500 index.  Some of the documents also falsely stated that Pacific Investment Management 

Company, LLC (“PIMCO”) was the subadvisor to Crew Capital and that Crew Capital had been 

in existence since 1997.  Other documents falsely stated that Crew Capital’s “share class 

inception” date was April 29, 2011.  Swensen also hired a graphic design company to create an 

official-looking logo, which he used on Crew Capital documentation.   

26. Swensen also provided some investors with falsified PIMCO documents to make 

it appear that PIMCO and Crew Capital together managed a “Senior Floating Rate Fund.”  

Swensen doctored actual PIMCO documentation for PIMCO’s Senior Floating Rate Fund by 

adding his Crew Capital logo and the words “Crew” and “Crew Capital Group” in various 

places.  One of the doctored documents represented that there was a “Crew / PIMCO Senior 

Floating Rate Fund” that invested in “floating or variable senior secured loans and short dated 

high yield bonds.”  Another of the doctored documents purported to be an annual report of the 

“Crew Capital Group / PIMCO Funds” and represented that a joint Crew/PIMCO fund existed 

with $318,897,000 in total assets.  In fact, PIMCO never had any relationship with either 

Swensen or Crew Capital.   

27. Swensen also developed and maintained a website for Crew Capital with the 

assistance of a web developer and a graphic designer.  When Crew Capital was named Capital 

Cooperative, the website was available at www.capitalcoop.com.  Once the name changed to 

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Crew Capital in 2015, the website was available at www.crewfunds.com.  These websites 

represented, among other things, that Crew Capital could eliminate market risk, saying: “Do you 

want to eliminate market turbulence?  Talk to your financial advisor about how.”  Swensen 

provided login credentials for the websites to Crew Capital investors.  Investors were able to log 

in and view their account balances, including the fictitious returns.  Investor accounts at the 

websites purported to show daily accrual of the guaranteed 5% annual returns, with an additional 

annual lump sum payment of up to another 5% annual return on the anniversary of the date of 

their investment.  In fact, the representations regarding the accrual of funds in investor accounts 

were entirely fictitious. 

28. Swensen maintained a bank account at Wells Fargo Bank in Crew Capital’s name.  

Swensen alone controlled the account.  He pooled Crew Capital investor money in this account.   

29. Swensen obtained investor money in several ways.  For example, he instructed 

investors at various times to write personal checks to Crew Capital, to obtain cashier’s checks 

payable to Crew Capital, to wire funds directly to Crew Capital’s accounts at Wells Fargo Bank, 

and/or to sign documentation authorizing the transfer of funds into Crew Capital’s account 

directly from the investor’s other investment or retirement accounts. 

30. Swensen also instructed several investors to open self-directed IRA accounts at 

the Bank of Utah.  Swensen further instructed these investors to sign a “Letter of Authorization” 

authorizing Swensen to direct the disposition of the funds in those self-directed Bank of Utah 

IRA accounts.  Once the investors deposited money into their new Bank of Utah accounts (or, in 

some instances, transferred the money into the Bank of Utah from other investment or retirement 

accounts), Swensen instructed the Bank of Utah to wire the funds to Crew Capital’s account at 

Wells Fargo Bank.   

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31. By the time of Swensen’s death, Swensen had raised at least $29.3 million in 

investor funds through these fraudulent schemes.  Crew Capital’s bank account received 

additional transfers of putative investor funds from the Bank of Utah of at least $7.1 million.   

Swensen’s Statements About Crew Capital Were False 

32. Swensen’s oral and written representations about Crew Capital were false.  In 

reality, neither Swensen nor Crew Capital actually invested the money that investors put into 

Crew Capital.  Neither Swensen nor Crew Capital had any affiliation with PIMCO.  Once 

Swensen pooled investor funds in the Crew Capital account at Wells Fargo Bank, he used that 

account as though it were his personal account.  He made Ponzi-type payments of returns to 

investors, which were funded from their own capital investment and from the capital investments 

of other victims.  Swensen also used Crew Capital’s money to pay for his family’s living 

expenses.  He used Crew Capital’s money to buy and maintain several airplanes.  He used Crew 

Capital’s money to purchase homes and vehicles, and to fund his and his family’s lifestyle.  He 

spent Crew Capital’s money on the living expenses of at least two mistresses.  He also used 

Crew Capital’s money to pay the operating expenses of Relief Defendants Swensen Capital, LLC 

and Wingman, LLC.   

33. Swensen continued to make false and misleading statements to investors even 

after he had obtained their money.  For example, he provided false Crew Capital account 

statements to some investors purporting to show their Crew Capital account number, account 

balance, and accrued interest.  Swensen also controlled the websites for Crew Capital, which 

displayed false account balances and earnings information to investors who logged in.  Swensen 

controlled and updated the fake account balances and earnings information on the website.  

34. Swensen provided false Crew Capital account information to the Bank of Utah for 

the victims whose investments were done through the Bank of Utah.  The Bank of Utah used that 

false information to create account statements issued by the Bank of Utah.  These statements 

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from the Bank of Utah gave further assurance to investors that their money was safe and 

accounted for by the Bank of Utah.   

35. Swensen also caused Crew Capital to issue false IRS Forms 1099 to investors.  

The Forms 1099 showed the amount of any withdrawals taken by investors during the year, 

including required minimum distributions for IRAs.  The Forms 1099 showed the withdrawals as 

interest income, such that investors paid taxes on their fictitious investment returns.   

36. By convincing investors that their Crew Capital investments were doing well and 

growing, Swensen persuaded several investors to invest additional funds in Crew Capital.   

Swensen Acted With Intent To Deceive 

37. Swensen took several steps to hide the truth about Crew Capital from investors 

and create the appearance that Crew Capital was a legitimate company.   

38. Swensen used a Nevada business entity creation service called Nevada Corporate 

Headquarters, Inc. (“NCH”) to create and maintain Crew Capital’s legal status as a Nevada 

limited liability company.  He paid extra fees to NCH for their “privacy package,” which meant 

that NCH and its affiliates placed their names (rather than Swensen’s) on the documents filed 

with the Nevada Secretary of State for Crew Capital.  This kept Swensen’s name from appearing 

on documents for Crew Capital that were publicly available from the Nevada Secretary of State, 

thus maintaining the fiction that Crew Capital was not directly owned and operated by Swenson.  

39. Swensen also used mail forwarding services for Crew Capital to create the 

appearance that Crew Capital was a legitimate company with offices in various states around the 

country.  Initially, Swensen used the mail forwarding service offered by NCH, which allowed 

Crew Capital to have mailing addresses in Las Vegas, Nevada.  Later, Swensen hired a virtual 

office/mail forwarding company that provided mailing addresses in large office buildings in 

Boston, New York City, and San Francisco.  Swensen used these mailing addresses on the 

fictitious Crew Capital documents and account statements that he provided to investors.  This 

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lent credibility to Swensen’s false statements that Crew Capital was an independent, legitimate 

company operating an investment fund.   

40. Swensen also obtained a toll-free number for Crew Capital and paid a virtual 

receptionist service to staff the number.  Nonetheless, the phone calls for Crew Capital, and 

messages left by investors who called, were forwarded to Swensen.  Crew Capital had no known 

employees other than Swensen, and no business operations other than the fraudulent efforts to 

induce victims to invest money.   Swensen is the only person known to have ownership interest 

in or management control over Crew Capital.  He signed its tax returns as its President. 

41. Swensen hired a web designer and a graphic designer to make the Crew Capital 

paperwork and website appear more legitimate to investors.  Through the web designer and 

hosting service, Swensen controlled Crew Capital’s website and updated his victims’ fictitious 

account balances that were shown on the website.   

42. On information and belief, Swensen had actual knowledge of the falsity of his 

statements to investors and acted with intent to defraud investors. 

FIRST CLAIM FOR RELIEF 

Violations of Section 17(a) of the Securities Act [15 U.S.C. § 77q(a)(1)] 

(Against Crew Capital and Swensen Estate) 

43. The Commission re-alleges and incorporates by reference each and every 

allegation in paragraphs 1–42, inclusive, as if they were fully set forth herein.  

44. By engaging in the conduct described above, Swensen and Crew Capital, and 

each of them, directly or indirectly, individually or in concert with others, in the offer and sale of 

securities, by use of the means and instruments of transportation and communication in interstate 

commerce or by use of the mails, 

a. employed devices, schemes, or artifices to defraud;  

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b. obtained money or property by means of untrue statements of material fact or 

omissions to state material facts necessary in order to make the statements 

made, in light of the circumstances under which they were made, not 

misleading; and  

c. engaged in transactions, practices, or courses of business which operated or 

would operate as a fraud or deceit.  

45. With respect to violations of Section 17(a)(1) of the Securities Act, each of 

Swensen and Crew Capital engaged in the above-referenced conduct knowingly or with severe 

recklessness. 

46. With respect to violations of Sections 17(a)(2) and (a)(3) of the Securities Act, 

each of Swensen and Crew Capital engaged in the above-referenced conduct was at least 

negligent in its/his conduct and in making the untrue and misleading statements alleged herein. 

47. By reason of the foregoing, Swensen and Crew Capital violated and, with respect 

to Crew Capital, unless enjoined will continue to violate, Section 17(a) of the Securities Act [15 

U.S.C. § 77q(a)].  

SECOND CLAIM FOR RELIEF 

Violations of Section 10(b) of the Exchange Act [15 U.S.C. § 78j(b)] and Exchange Act Rule 

10b-5 [17 C.F.R. § 240.10b-5] 

(Against Crew Capital and Swensen Estate) 

48. The Commission re-alleges and incorporates by reference each and every 

allegation in paragraphs 1–47inclusive, as if they were fully set forth herein.  

49. By engaging in the conduct described above, Swensen and Crew Capital, directly 

or indirectly, individually or in concert with others, in connection with the purchase or sale of 

securities, by use of the means and instrumentalities of interstate commerce or by use of the 

mails,  

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a. employed devices, schemes, and artifices to defraud;  

b. made untrue statements of material facts and/or omitted to state material facts 

necessary in order to make the statements made, in light of the circumstances 

under which they were made, not misleading; and  

c. engaged in acts, practices, and course of business which operated as a fraud 

and deceit upon purchasers, prospective purchasers, and other persons.  

50. Each of Swensen and Crew Capital engaged in the above-referenced conduct and 

made the above-referenced untrue and misleading statements knowingly or with severe 

recklessness. 

51. By reason of the foregoing, each of Swensen and Crew Capital have violated and, 

with respect to Crew Capital, unless enjoined will continue to violate, Section 10(b) of the 

Exchange Act [15 U.S.C. § 78j(b)] and Exchange Act Rule 10b-5 [17 C.F.R. § 240.10b-5]. 

THIRD CLAIM FOR RELIEF 

Equitable Disgorgement  

(Against All Relief Defendants) 

52. The Commission re-alleges and incorporates by reference each and every 

allegation in paragraphs 1–51, inclusive, as if they were fully set forth herein. 

53. Each of the Relief Defendants named in paragraphs 14-18 above obtained money, 

property, and assets as a result of the violations of the securities laws by Swensen and Crew 

Capital, to which they have no legitimate claim.  

54. Each of the Relief Defendants should be required to disgorge all ill-gotten gains 

which inured to their benefit under the equitable doctrines of disgorgement, unjust enrichment 

and constructive trust. 

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PRAYER FOR RELIEF 

WHEREFORE, the Commission respectfully requests that this Court enter a final 

judgment: 

I. 

Permanently restraining and enjoining Crew Capital from, directly or indirectly, engaging 

in conduct in violation of Section 17 of the Securities Act [15 U.S.C. § 77q(a)], Section 10(b) of 

the Exchange Act [15 U.S.C. § 78j(b)], and Exchange Act Rule 10b–5 thereunder [17 C.F.R. 

§ 240.10b–5]; 

II. 

Permanently restraining and enjoining Crew Capital from soliciting any person or entity 

to purchase or sell any security; 

III. 

Permanently restraining and enjoining Crew Capital from, directly or indirectly, 

participating in the issuance, purchase, offer, or sale of any security; 

IV. 

Ordering Defendants and Relief Defendants to disgorge all ill-gotten gains or unjust 

enrichment derived from the activities set forth in this Complaint, together with prejudgment 

interest thereon; 

V. 

Retaining jurisdiction of this action in accordance with the principles of equity and the 

Federal Rules of Civil Procedure in order to implement and carry out the terms of all orders and 

decrees that may be entered, or to entertain any suitable application or motion for additional 

relief within the jurisdiction of this Court; and, 

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VI. 

Granting such other and further relief as this Court may deem just, equitable, or necessary 

in connection with the enforcement of the federal securities laws and for the protection of 

investors. 

Dated: October 14, 2022 

 

      /s/ Casey R. Fronk             
      Casey R. Fronk 
      Cheryl M. Mori 
      Attorneys for Plaintiff 
      Securities and Exchange Commission 
 

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