SEC v. Alan Burak, No. 1:25-cv-01626, Southern District of New York (Jan. 1, 2025) — Complaint

ANTONIA M. APPS
REGIONAL DIRECTOR
Tejal D. Shah
Lindsay S. Moilanen
Sushila Rao Pentapati
Bari R. Nadworny
Attorneys for Plaintiff
SECURITIES AND EXCHANGE COMMISSION
New York Regional Office
100 Pearl Street
Suite 20-100
New York, NY 10004-2616
(212) 336-0410 (Rao Pentapati)
[email protected]

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

SECURITIES AND EXCHANGE
COMMISSION,

                                             Plaintiff,

                        -against-

ALAN BURAK,

                                             Defendant.

COMPLAINT

25 Civ. 1626

JURY TRIAL DEMANDED

Plaintiff Securities and Exchange Commission (“Commission”), for its Complaint against
Defendant Alan Burak (“Burak”), alleges as follows:
SUMMARY
1. Between at least 2018 and 2023 (the “Relevant Period”), Burak engaged in a
fraudulent scheme primarily targeting Latino investors to raise approximately $4 million in a
purported investment fund called Never Alone Capital, LLC (“Never Alone”), of which he was the
founder and sole member, and misappropriated the bulk of that amount.
2. To induce prospective investors to invest in Never Alone, Burak presented himself
as a wealthy hedge fund owner, falsely told them that Never Alone was an investment fund, and

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claimed that their money would be invested in “Wall Street” pursuant to a complex investment
strategy, in some cases with a guaranteed return.
3. After investors wired funds to Never Alone’s bank account, Burak generally sent
them fabricated monthly “Account and Activity Statements” purporting to show consistently
positive returns from investments in “stocks” and “other.”
4. However, Burak did not invest most of the money provided by investors consistent
with his representations.  Instead, he misappropriated the bulk of investor deposits, including to pay
for personal travel charges, an adult-only subscription service, and purchases made by his wife.
5. To the extent that Burak invested any of the investor money through certain
brokerage accounts, his trading yielded losses—contrary to the false account statements that Burak
fabricated and sent to investors purporting to show that their investments were safe and generating
high returns.
6. In July 2022, when his scheme to defraud investors was in full swing, Burak created
an audio recording addressed to himself in which he appeared to take stock of his business and
finances and set “goals” for himself for the next six months to a year.  When discussing the current
state of his business and finances, Burak admitted that he was “failing every day” because he was
fake, that he “did not have a real business,” that he was “stealing money from people,” that he was
losing “more and more” money in trading, and that he did not have “a real LLC,” “a real fund,” or
“a real hedge fund.”
7. Even after this recording, Burak’s scheme to deceive investors and prospective
investors continued unabated through the spring of 2023, when things began to unravel.  Several
investors whose false account statements indicated that their accounts had funds available to
withdraw tried to cash out, but Burak manufactured additional lies and excuses to stave off
repayments for several months and eventually stopped responding to investors altogether.

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8. To date, most of the investors in Never Alone have not recouped even their initial
investment—much less any of the returns Burak promised.
VIOLATIONS
9. By virtue of the foregoing conduct and as alleged further herein, Burak has violated
Section 17(a) of the Securities Act of 1933 (“Securities Act”) [15 U.S.C. § 77q(a)], Section 10(b) of
the Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5
thereunder [17 C.F.R. § 240.10b-5], and Sections 206(1) and 206(2) of the Investment Advisers Act
of 1940 (“Advisers Act”) [15 U.S.C. §§ 80b-6(1) and (2)].
10. Unless Burak is restrained and enjoined, he will engage in the acts, practices,
transactions, and courses of business set forth in this Complaint or in acts, practices, transactions,
and courses of business of similar type and object.
NATURE OF THE PROCEEDINGS AND RELIEF SOUGHT
11. The Commission brings this action pursuant to the authority conferred upon it by
Securities Act Sections 20(b) and 20(d) [15 U.S.C. §§ 77t(b) and 77t(d)], Exchange Act Section 21(d)
[15 U.S.C. § 78u(d)], and Advisers Act Sections 209(d) and 209(e) [15 U.S.C. §§ 80b-9(d) and 80b-
9(e)].
12. The Commission seeks a final judgment: (a) permanently enjoining Burak from
violating the federal securities laws and rules this Complaint alleges he has violated; (b) ordering
Burak to disgorge all ill-gotten gains he received as a result of the violations alleged herein and to pay
prejudgment interest thereon pursuant to Exchange Act Sections 21(d)(3), 21(d)(5), and 21(d)(7)
[15 U.S.C. §§ 78u(d)(3), 78u(d)(5), and 78u(d)(7)]; (c) ordering Burak to pay civil money penalties
pursuant to Securities Act Section 20(d) [15 U.S.C. § 77t(d)], Exchange Act Section 21(d)(3)
[15 U.S.C. § 78u(d)(3)], and Advisers Act Section 209(e) [15 U.S.C. § 80b-9(e)]; (d) permanently
prohibiting Burak from, directly or indirectly, including, but not limited to, through any entity

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owned or controlled by him, participating in the issuance, purchase, offer, or sale of any security,
provided, however, that such injunction shall not prevent him from purchasing or selling securities
for his own personal accounts, pursuant to Securities Act Section 20(b) [15 U.S.C. § 77t(b)],
Exchange Act Section 21(d)(1) and (5) [15 U.S.C. § 78u(d)(1) and (5)], and Advisers Act Section
209(d) [15 U.S.C. § 80b-9(d)]; (e) permanently prohibiting Burak from, directly or indirectly, acting
as or being associated with any investment adviser, pursuant to Securities Act Section 20(b)
[15 U.S.C. § 77t(b)], Exchange Act Section 21(d)(1) and (5) [15 U.S.C. § 78u(d)(1) and (5)], and
Advisers Act Section 209(d) [15 U.S.C. § 80b-9(d)]; and (f) ordering any other and further relief the
Court may deem just and proper.
JURISDICTION AND VENUE
13. This Court has jurisdiction over this action pursuant to Securities Act Section 22(a)
[15 U.S.C. § 77v(a)], Exchange Act Section 27 [15 U.S.C. § 78aa], and Advisers Act Section 214
[15 U.S.C. § 80b-14].
14. Burak, directly and indirectly, has made use of the means or instrumentalities of
interstate commerce or of the mails in connection with the transactions, acts, practices, and courses
of business alleged herein.
15. Venue lies in this District under Securities Act Section 22(a) [15 U.S.C. § 77v(a)],
Exchange Act Section 27 [15 U.S.C. § 78aa], and Advisers Act Section 214 [15 U.S.C. § 80b-14].
Burak may be found in, is an inhabitant of, and transacts business in the Southern District of  New
York, and certain of  the acts, practices, transactions, and courses of  business alleged in this
Complaint occurred within this District, including soliciting, offering, and selling securities to
investors and maintaining an office in the District.
DEFENDANT
16. Burak, age 40, is a resident of New York, New York.  Burak has never been

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associated with any entity registered with the Commission.  Burak is the founder, control person,
legal representative, and sole member of Never Alone and was also described in investor materials as
its Managing Partner.
OTHER RELEVANT ENTITIES
17. Never Alone was incorporated as a limited liability company (“LLC”) in Wyoming
in September 2016 with its principal place of business in Pompano Beach, Florida.  Never Alone
claimed to have a New York office address at 757 3
rd
 Avenue, 20
th
 Floor, New York, NY 10017.
Since November 9, 2023, Never Alone has been listed as “Inactive – Administratively Dissolved
(Tax).”  Throughout the Relevant Period, Burak was Never Alone’s founder, sole member, legal
representative, and control person.
18. Never Alone Capital, Sociedad Anónima Promotora de Inversión de Capital
Variable (S.A.P.I. de C.V.) is a Mexican entity created and controlled by Burak to recruit
additional investors in Mexico.
FACTS
I. BURAK FOUNDED NEVER ALONE AS A PURPORTED FUND FOR
WEALTHY INVESTORS.
19. On September 19, 2016, Burak incorporated Never Alone as an LLC in Wyoming.
20. On September 22, 2016, Burak signed an Operating Agreement for Never Alone.
21. Exhibit A of Never Alone’s Operating Agreement listed Burak as its only member,
with a 100 percent “capital contribution” and a 100 percent ownership interest.
22. Burak was the only signatory of Never Alone’s Operating Agreement.
23. By at least 2018, Burak began soliciting investors to invest money in Never Alone,
which he described as a fund with a portfolio of different investments in the form of stocks,
options, and cash.
24. In September 2018, Burak appeared on a publicly-available podcast, where he was

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introduced as an “investor and entrepreneur who manages Never Alone Capital, a multi-million
dollar investment business.”
25. Asked to describe Never Alone in the interview, Burak replied:  “It is basically an
asset management firm.  I basically manage people’s money...inside the stock market, commodities
and currencies[.]”
26. On February 18, 2019, Burak purchased the domain name “neveralonecapital.com”
and registered it in his name.
27. Through at least the end of the Relevant Period, the “About Us” section of
neveralonecapital.com, as well as posts published on Burak’s publicly accessible LinkedIn profile,
described Never Alone as follows:
[Never Alone] is a systematic asset management firm.  We handle portfolios
that include equities, commodities and FX, and invest in companies and
industries across 22 countries throughout Asia, America, and parts of
Europe.  We focus on trend-following-option trading, leveraging automated
systems that analyze past market trends to inform current market behavior.
28. During the Relevant Period, Burak also publicly presented himself as an investment
adviser and “coach.”
29. For example, on March 20, 2019, Burak published a post on his publicly accessible
LinkedIn profile titled “Why Every Financial Expert Should Study Psychology,” in which Burak
held himself out as an independent “advisor” and wrote (emphasis in original):
Advisors associated with an institution will not prioritize you as a client, they
are only interested in claiming your assets for their employers.  An
independent advisor makes money when you make money, which makes
them properly motivated to help you succeed.  When I sit down with a client
to discuss their goals and aspirations, I make an effort to put myself in
THEIR shoes.  I measure and match their energy, in order to more
effectively communicate, and transform their dreams into reality.
30. Similarly, in a public post on LinkedIn on May 8, 2019, titled “3 Investment Tips
Wall Street Doesn’t Want You to Know,” Burak offered investors tips on how to become successful

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at investing.
II. BURAK BEGAN TARGETING THE LATINO COMMUNITY TO RECRUIT
INVESTORS.

31. In December 2018, Burak met Investor A at a seminar in Florida.
32. Burak told Investor A that he managed money for many people and owned a hedge
fund called Never Alone, which required a minimum investment amount of $2 million.
33. Investor A asked Burak for advice on her portfolio of investments, which Burak
provided.
34. Investor A introduced Burak to her husband and business partner, Investor B.
35. Investors A and B had founded a media company (“Company A”) providing
financial education programs in Spanish to the Latino community to empower them to invest in the
stock market.
36. Burak presented himself to Investors A and B as a hedge fund manager with ties to
Mexico.
37. Starting in 2019, Burak was regularly featured on Company A’s platforms as a
“renowned” expert whose hedge fund managed hundreds of millions of dollars and an instructor for
online classes and webinars on investing offered by Company A.
38. During the Relevant Period, Burak presented at least a dozen courses, “seminars,” or
“tutorials” on investing to Company A members, including through podcasts and “live” chats on its
platforms.
39. Burak subsequently used his connections to Company A to identify and solicit
several investors in the Latino community to invest in Never Alone.
40. In discussions with these investors, including in Company A classes and promotional
materials provided to investors and potential investors and published online, Burak often referred to
Never Alone as a fund, a hedge fund (“fondo de cobertura” in Spanish), or an investment fund (“fondo de

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inversión” in Spanish).
41. For example, in connection with “live” sessions with Burak offered to Company A
students in 2020 and 2021, Burak was described as “a world-famous investor” and the “owner” or
“founder” of “the investment fund[] Never Alone Capital.”
42. In connection with Company A’s fourth anniversary in 2023, Burak was described as
a “renowned investor...owner and director of the Manhattan-based hedge fund: Never Alone
Capital, which manages hundreds of millions of dollars.”
III. BURAK MADE MATERIAL MISREPRESENTATIONS TO OBTAIN
INVESTMENTS.
43. Burak told prospective (and current) investors that Never Alone followed a complex
investment strategy that prioritized preserving their equity and maximizing their returns.
44. For example, in a publicly-available LinkedIn Post on March 6, 2019, titled “An
Introduction to Never Alone Capital,” Burak wrote:
As macro traders, we start with money management, risk management, and
then returns.  This is another great differentiator for [Never Alone] because
most asset management firms focus on returns first.  They focus on getting
quick wins.  But a lot of them don’t survive for more than three or four years
because they run out of assets.  Our mission at [Never Alone] is to facilitate
long-term strategies that enable our clients to build healthy equity in the long
run.
45. In another publicly-available LinkedIn Post on April 10, 2019, titled “3 Reasons Why
Projections are Bull[expletive],” Burak wrote (emphasis in original):
At [Never Alone], we focus on a trend-following strategy, which allows us to
find patterns in past behavior to inform future market trends.  Instead of
predicting the future of a stock, our strategy is based on these two maxims:
1. The present is always the reality.  We follow the price today and invest
in what we can see currently, not what we hope to see in the future.  Our
strategy stays the same, even as we adapt to market fluctuations.
2. To follow trends, you have to understand trends.  We study past
market behaviors using technical and fundamental analysis.  These variables
are NOT used to predict the market, but rather to watch for patterns that
form over time.

9
46. Starting in at least 2022, Burak also provided to prospective investors different
versions of a “Never Alone Investor Presentation,” which purported to describe the investment
objective and strategies deployed at Never Alone.
47. These presentations typically referenced a minimum investment amount of
$1 million to $2 million, but Burak generally allowed investments of lesser amounts, often suggesting
that he was providing the investor a special opportunity.
48. For example, a slide deck titled “Never Alone Capital Investor Presentation January
2022” that was provided to an investor described the investment objective to “[a]chieve returns
exceeding the broader Global Equity Markets (measured by the S&P 500 and MSCI World), over a
full market cycle.  We seek to achieve these returns primarily thru [sic] publicly traded, marketable
securities of U.S. and non-U.S. companies.”
49. The slide deck also described Never Alone’s investment strategy as “a value-oriented
investment process” with a “typical portfolio comprise[d] of 6 – 15 high-quality companies.  We
don’t aim to ‘beta-hedge’ our positions, as this typically results in sacrificing long-term gains for
reducing short-term volatility.  We embrace volatility.”
50. The slide deck also purported to provide a representative overview of Never Alone’s
“Performance (Net of Fees)” over more than a decade—from 2010, years before Burak’s 2016
incorporation of Never Alone, through 2021—and claimed returns ranging from 14.31% in 2015 to
21.61% in 2019.
51. Burak also falsely told investors and prospective investors in Never Alone that their
funds would be custodied with a prestigious global financial services firm (“Financial Institution A”),
with which Never Alone had a custodial relationship.
52. Burak’s representation that investors’ funds would be custodied at Financial
Institution A made the investment appear safer and more legitimate to investors and prospective

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investors.
53.  But, as Burak knew, Never Alone did not have any custodial agreement or account
with Financial Institution A.
54. Some investors were even given a fictitious document purporting to be an
“Execution Copy” of a “Fund of Hedge Funds Custodial Agreement” dated July 30, 2006, between
Never Alone and Financial Institution A.
55. Financial Institution A has no records relating to any such document.
56. Associated metadata indicate that Burak was the author of this document and that it
was created in or around May 2022.
57. Once investors decided to move forward with their investment in Never Alone,
Burak sent them an “Investment Advisory Agreement,” drafted in either English or Spanish, which
referred to Never Alone, one party to the agreement, as an “Investment Advisor,” and to the other
party, the investor, as the “Client.”
58. Burak signed the Investment Advisory Agreements on behalf of Never Alone and as
its legal representative.
59. These Investment Advisory Agreements provided that “Never Alone, through its
legal representative, hereby states that...it is its will to act as Investment Advisor under the terms
and conditions established in this Agreement.”
60. Clause Two of the Investment Advisory Agreements, entitled “Investment
Advisory,” stated that “[b]y virtue of the Agreement, the Client states that it wishes to receive
Investment Advisory services from NEVER ALONE, so that the latter may consequently be able to
provide each and every one of the activities that are necessary and convenient,” described in an
Annex, “which is an integral part of th[e] Agreement.”
61. By entering into the Investment Advisory Agreements, the investors granted Never

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Alone “a general mandate to perform actions that empower it to issue instructions to intermediaries
in the stock market, consisting of buying, selling, and transferring funds; carrying out any action
related to securities, titles, or documents attributable to them or other authorized stock or over-the-
counter instructions and any other instrument authorized by law,” among other transactions.
62. The Annex to the Investment Advisory Agreements stated that the administration of
funds would be carried out through “shares of public companies, international ETFs, main
commodities, and currencies.”
63. The Annex to the Investment Advisory Agreements also specified the compensation
arrangement, which was typically represented as a commission on returns generated.
64. Burak further told some investors that he would only earn a commission after the
investor’s investment had generated at least a certain rate of return and told other investors (whom
he offered a purported “friends and family” opportunity) that they would be charged no fees and no
commissions.
65. Despite the advisory arrangement in the Investment Advisory Agreements, in
communications between Burak, on the one hand, and investors and prospective investors, on the
other hand, Burak referred to Never Alone as a “fund” or a “hedge fund,” and investors and
prospective investors similarly described Never Alone as the fund in which they were investing.
66. To make their investments, investors wired their money to a bank account in Never
Alone’s name (the “Never Alone Bank Account”), which the Investment Advisory Agreements
referred to as the “Investment Fund Account.”
67. During the Relevant Period, Burak was the only authorized signatory on the Never
Alone Bank Account.
68. During the Relevant Period, Burak raised approximately $4 million from at least 17

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investors.
69. At least six of these investors were introduced to Burak and Never Alone due to his
affiliation with Company A.
III. BURAK’S LIMITED TRADING LOST MONEY, AND HE MISAPPROPRIATED
INVESTOR FUNDS.
70. To the extent that Burak actually invested or traded any of the investors’ funds, his
trades yielded losses.
71. Throughout the Relevant Period, Burak also regularly misappropriated most of the
investor money.
72. In several instances, after investors sent their investments to the Never Alone Bank
Account, their funds were immediately transferred to accounts in Burak’s name, including an
account held by Burak and his wife.
73. Burak then used those funds to pay personal expenses.
74. For example, on May 19, 2020, an investor sent $25,000 to the Never Alone Bank
Account.  Prior to that investment, the account balance in the Never Alone Bank account was just
over $400.
75. The same day, a transfer of $16,000 was made from the Never Alone Bank Account
to one of Burak’s personal bank accounts.
76. Later that same day—May 19, 2020—Burak made a credit card payment of $16,000
from that same personal bank account to an American Express account with credit cards held by
both Burak and his wife.
77. During the two-week period before the investor’s May 19, 2020 investment, charges
to this American Express account included the following charges made to Burak’s wife’s credit card:
$384.45 for skin care on April 30, 2020; $146.27 to a clothing store on May 14, 2020; and $228.09 to
a department store on May 16, 2020.

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78. On or around July 25, 2022, while his scheme to defraud investors was in full swing,
Burak created an audio recording in which he addressed himself and appeared to take stock of the
state of his business and finances and set “goals” to “better” himself in the coming months.
79. In the recording, Burak described Never Alone as a fake fund with no real business,
no growth, and no real cash flow or clients:
Alan, what’s going on in your life?  I am exhausted.  I feel that...I feel that I
am failing every day.  I am failing because I am fake.  I have no real business.
I am literally stealing money from people.  I have no business.  I haven’t paid
my taxes.  I am not growing at all.  I don’t have a real LLC.  I don’t have a
real fund.  I don’t have a real hedge fund.
80. Burak also repeatedly admitted that his efforts to make money from trading had
failed, that he was just losing “more and more” money in the markets, and that one of his goals was
to “get better in my trading.”
81. Even after making this recording, Burak continued to misappropriate money from
investor funds.
82. For example, the Never Alone Bank account received over $140,000 in investor
deposits from December 2022 through mid-February 2023.
83. From February 13 through February 27, 2023, Burak made 14 payments totaling
$7,865 directly from the Never Alone Bank Account toward the balance of his Chase Freedom
personal credit card.
84. In that same time period, charges to Burak’s Chase Freedom personal credit card
included the following charges:  $689.85 to a luxury mountain resort on February 20, 2023;
$1,507.98 to a parking application for parking in New York City on February 18, 2023; and charges
to music and entertainment platforms, as well as to an adult-only subscription service.
IV. TO CONCEAL HIS SCHEME, BURAK SENT INVESTORS FALSE ACCOUNT
STATEMENTS.
85. During the Relevant Period, Burak regularly sent most investors monthly statements

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of purported account activity in PDF documents titled “Account and Activity Statements.”
86. These Account and Activity Statements included a purported “overview” of the
investment over time with consistently positive returns on investors’ money—both as an “average”
percentage return for the period and as a “cumulative” return.
87. The Account and Activity Statements also included balance information; “Ending
Allocation” details describing what percentage of the investor’s investment was in cash, stocks, or
other; and a chart purporting to show the increases in “Net Asset Value” by month.
88. Burak fabricated these Account and Activity Statements.
89. The Account and Activity Statements’ representations about investment allocations
and positive returns were fictitious, were not tied to any actual transactions or trades, and concealed
that Burak had lost through trading, or misappropriated, much of the investments made in Never
Alone.
V. BURAK CONTINUED TO MAKE THE SAME MISREPRESENTATIONS TO
EXISTING AND PROSPECTIVE INVESTORS UNTIL HIS SCHEME
UNRAVELED IN 2023.
90. In the year after making his recording, Burak continued to make the same false
representations alleged above in paragraphs 43 through 69 about his successful trading record,
investment strategies, and guaranteed returns to existing and prospective investors in his purported
Never Alone fund.
91. As investors began complaining about Burak and demanding their money back,
Burak manufactured additional lies and excuses to delay repayments and to avoid disclosing that he
had either lost or squandered their funds and had no ability to repay them, including in the examples
alleged in paragraphs 119 through 121, 138 through 139, and 143 through 148, below.
92. By April 2023, Burak had drained the primary Never Alone Bank Account into
which investors in Never Alone had deposited their funds.

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93. On May 4, 2023, the Never Alone Bank Account was closed.
VI. MOST OF BURAK’S VICTIMS LOST THEIR INVESTMENTS.
94. Most of Burak’s victims lost their investments in Never Alone after investing based
on Burak’s misrepresentations.
95. Below are examples of Burak’s misrepresentations between June 2022 through the
fall of 2023 to four investors (all associated with Company A) to induce them to invest in Never
Alone.
96. To date, as described below, none of these four investors has received even their
initial investments back from Burak.
A. Investor C Lost $30,000 After Investing in Never Alone in June 2022.
97. In or about 2021, Investor C first heard about Never Alone from Burak and
Investor A in connection with online classes she was taking with Company A.
98. During these classes, Burak mentioned that he had a fund, which prompted
Investor C to contact Burak and inquire about investing.
99. On June 6, 2022, Investor C emailed Burak:  “I would like to know what are the
requirements to invest with you and the minimum capital.”
100. That day, Burak responded and asked Investor C which country she lived in and how
she had learned about Never Alone.
101. Investor C responded:  “Hi I live in the USA, I heard about you through
[Company A].  And I am studying with [Company A], but I was interested in your fund, so I would
like to know the requirements and if it is possible, then go ahead and if not, I will move on.”
1

102. Burak responded, “If you come from [Company A], the minimum is US$15,000.

1
 The quotations in paragraphs 99, 101, 102, 104, 105, 110, 111, 112, 118, 119, 120, 121, 127,
152, 166 have been translated from Spanish.

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Requirements are to sign a contract and send us ID, proof of address and beneficiaries for the
account.”
103. On June 8, 2022, Investor C emailed Burak the required information, and Burak sent
her a copy of the Investment Advisory Agreement.
104. Between June 8 and June 9, 2022, Investor C emailed Burak several questions about
the Agreement, including, “[I]n which broker or bank will I see the movements that are going to be
made? such as: the capital I start with, how money moves and how it is diversified?”
105. Burak responded:  “Monthly I will be sending you internal reports on how your
capital is, your interests and in which industries, sectors it is moving.  There are also a couple of
graphs and historical data [you will be receiving].”
106. On June 10, 2022, Investor C emailed a signed Investment Advisory Agreement back
to Burak.
107. The Annex to Investor C’s Investment Advisory Agreement stated that the
investment would last for one year from the first deposit, with an option to renew, and that
Investor C had “the right from month 06 to withdraw 100% of the capital and returns” by giving
Never Alone five business days’ notice.
108. The Annex also provided that “[a] 20.00% commission on returns is generated after
10% interest.”
109. The same day, Investor C wired $30,000 to the Never Alone Bank Account.
110. Burak confirmed receipt of Investor C’s money and added that “it will start
generating returns today itself.”
111. Investor C then thanked Burak for “allowing me to be part of your fund,” to which
Burak replied, “It will be a pleasure to support you in increasing your and your family’s assets.”
112. Investor C wrote back:  “Yes, I know, that I am with the best, to make my savings

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grow!!.  And well.. here I will continue learning at [Company A], because thanks to you, I opened my
eyes to my finances in many things. [...] In the meantime I will wait for the account statements you
send me[.]”
113. Starting in July 2022, Burak emailed Investor C monthly “Account and Activity
Statements,” each falsely showing a positive return on Investor C’s investment.
114. In or around February 2023, Burak called Investor C to solicit additional investments
in Never Alone.
115. Burak told Investor C that “it was the right time” to invest more money.
116. Investor C declined Burak’s offer to invest more funds in Never Alone.
117. On June 9, 2023, Investor C emailed Burak requesting her Account and Activity
Statement for the previous month of May 2023.
118. Investor C explained in her email:
I have already completed a year with you, and I would like to withdraw the
money.  I understand that I could do this after completing a year.  We have
bought a house and I am remodeling it, so I am going to invest it there....
[A]nd I am very grateful for all the confidence and the pleasure of having
been part of this marvelous fund and having met you.  Thank you very much
and I am looking forward to what’s next.
119. Later that day, Burak replied:  “Yes, today afternoon I will send you the report and
the steps for the transfer.  Thank you for the trust.”
120. On June 12, 2023, Burak emailed Investor C her purported Account and Activity
Statement for May 2023 and a list of the information he needed to liquidate her investment and to
transfer the “amount stated in [Investor C’s] last report” to her.
121. Burak claimed that the transfer would take “about three business weeks.”
122. The purported May 2023 Account and Activity Statement represented that Investor
C’s investment had grown by an “average” of 17.78% and had an ending net asset value of
“$35,333.82.”

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123. That day, Investor C provided the requested information, which Burak confirmed he
received on June 16, 2023.
124. On July 7, 2023, Investor C emailed Burak noting that the three weeks had passed
and inquiring when she would receive the money.
125. Burak did not respond.
126. Investor C followed up several times in 2023, demanding the return of her $30,000
investment as promised by Burak.
127. For example, on August 31, 2023, Investor C wrote:  “Maybe for you 30k doesn’t
mean anything!!  [B]ecause you are a millionaire, but for us it is effort, sacrifice and honest work, to
earn that money, as I told you once it is the heritage of us and my daughters, and you simply
vanished it.”
128. Investor C continued to follow up with Burak, but to date has not received even her
initial investment back, much less any returns promised by Burak.
B. Investors A and B Lost $25,000 By Investing in Never Alone in
February 2023.
129. In or around January 2023, Burak told Investors A and B that in February 2023, he
was starting a 90-day “horse race fund” only for friends and family with a minimum investment of
$25,000 and “at least 50% return.”
130. On February 13, 2023, Investor B emailed Burak a signed Investment Advisory
Agreement agreeing to invest $25,000 in Never Alone.
131. The Investment Advisory Agreement executed by Investor B stated on its cover:
“Never Alone Capital ‘Horse Race’ February – May 2023” and “At least 50% Return!”
132. The Annex to Investor B’s Investment Advisory Agreement purported to provide a
special “friends and family” deal, including a representation that there were “No Fees and No
Commissions.”

19
133. The Investment Advisory Agreement also purported to give Investor B the right to
withdraw “100% of the capital and returns” starting on May 31, 2023.
134. Investor A was listed as the beneficiary of Investor B’s Investment Advisory
Agreement.
135. On February 13, 2023, Investor B wired $25,000 to the Never Alone Bank Account.
136. On March 13, 2023, Burak sent an email (blind copying both Investors A and B)
with the subject line “Horse Race Update,” soliciting additional investments in the “horse race
fund,” and claiming, “At the moment our horse race fund is + 24.71%!!! Congratulations!”
(emphasis in original).
137. In April 2023, Investor A asked Burak to withdraw the money Investors A and B
had invested in Never Alone.
138. In response, Burak told Investor A that there was an issue with Financial Institution
A, the purported fund custodian.
139. Burak also claimed that investors could not withdraw money until Financial
Institution A completed its diligence.
140. In reality, Never Alone did not have any relationship or accounts with Financial
Institution A, as alleged in paragraph 53 above.
141. Over the following months, Investors A and B made several attempts to get their
money back from Burak.
142. On June 19, 2023, Investor A emailed Burak and wrote:
Per our written agreement attached, we have been waiting to receive our
funds since May 31st.  It’s been almost 3 weeks.  Please send them by
tomorrow June 20th at 5pm.  This is affecting our finances for both the
company and personal as we were counting on these funds for the month of
June and we still don’t have them[.]
143. On June 30, 2023, after Burak texted him requesting a phone call, Investor B wrote

20
to Burak in an email:
If you have anything else to say to us please answer our emails and put it in
writing.  We are done with the pointless phone calls and broken promises.
You are either going to return the money we invested in your fund and keep
your word, or you are not.
144. On July 10, 2023, Investor B wrote to Burak threatening legal action to secure the
return of funds invested by investors associated with Company A:
You have lied to us numerous times about sending the wire transfer, telling
us to check our account for the funds, insulting our intelligence as we both
know that the money was never sent.  [...]  Over the past few weeks, we
have received multiple emails from people who invested into your fund and
like us, have also not received their money yet.  Some of them even claim
that you called them privately last year.  You failed to disclose to us that you
were soliciting investments from non-accredited investors from our
community into your fund and your behavior appears to violate multiple
federal laws and SEC regulations here in the United States.
145. Burak replied the next day:  “I will send you between today and tomorrow a table
with the amounts of each individual from [Company A] that invested and the exact day (in the
coming days) that all of you will be receiving the money back.”
146. On July 12, 2023, Burak sent counsel for Investors A and B a table listing five
investors associated with Company A, the planned return dates for their investments, and the
purported total value of their investments, including the purported returns on their initial
investments.
147. For example, Burak’s table listed Investor B’s total investment value as $33,012.50—
falsely indicating that Investor B’s $25,000 investment had grown by over 32% since February
2023—and was to be returned by July 30, 2023.
148. After repeated follow-ups, Burak again represented to counsel for Investors A and B
on August 18, 2023, that Burak’s “priority [wa]s to ensure the timely return of the investors’ money
before the end of the month.”
149. To date, despite persistent efforts, Investors A and B have not received any money

21
back from Burak.
C. Investor D Lost $25,000 By Investing in Never Alone in February 2023.
150. Like Investor C, Investor D learned about Never Alone through online Company A
classes hosted by Investor A and Burak.
151. In these classes, Burak frequently mentioned his hedge fund.
152. On February 2, 2023, Burak emailed Investor D directly:
I don’t know if [Investor A] or anyone from [Company A] has told you that
this year one of my goals is to expand my support to traders and investors.
That is why I am accepting 5 additional persons for 1 on 1 coaching.  If you
are interested, send me your cell and we will discuss.
153. Investor D agreed to speak with Burak on February 9, 2023, about the coaching
opportunity.
154. On the call, Burak told Investor D that his fee for one-on-one coaching was $70,000,
which Investor D declined as being too high.
155. Burak then pivoted to offering Investor D the opportunity to invest in Never Alone.
156. On the call, Burak told Investor D that the minimum investment was $25,000 with
returns between “10 to 18 percent,” and that Investor A had convinced him to offer the investment
to support Company A’s students.
157. Investor D was excited to hear about this opportunity because she understood that
the minimum amount to invest with Never Alone was typically higher.
158. On the same call, Burak claimed that Investor D’s money would be invested in “Wall
Street” and options.
159. Burak also promised Investor D that her return would be greater than 10% and that,
if it was less, he would not charge her.
160. On February 9, 2023, following their call, Burak sent Investor D a template
Investment Advisory Agreement to review and a list of required information, which Investor D

22
provided on February 13, 2023.
161. On February 14, 2023, Burak sent Investor D a copy of the Investment Advisory
Agreement to execute.
162. The next day, Investor D emailed Burak the signed Investment Advisory Agreement
and wired $25,000 to the Never Alone Bank Account.
163.  In substance, Investor D’s executed Investment Advisory Agreement contained
terms similar to those provided to Investor C.
164. Specifically, Investor D’s investment was for one year, with the option to renew;
Investor D had “the right from month 06 to withdraw 100% of the capital and returns” by giving
Never Alone five business days’ notice; Investor D was to receive “monthly and/or weekly reports
detailing the movements of the funds”; and “[a] 20.00% commission on returns” would be
“generated after 10% interest.”
165. Between the time she sent her funds to the Never Alone Bank Account in mid-
February 2023 and at least July 10, 2023, Investor D did not receive any reports or statements
showing or purporting to show the value of her investment in Never Alone.
166. On July 10, 2023, Investor D emailed Burak asking for her investment to be
returned:
I sent you a text to the cell phone number you contacted me about to try to
talk to you.  As I told you in the text, regarding what we also talked about
when I agreed to invest in Never Alone Capital $25,000.00.  We agreed that I
would be sent monthly reports of the performance of my investment and I
have not received a single one, I have decided that I no longer want to
continue investing with Never Alone Capital and I want to ask you to return
my money as soon as possible.  You have my account information but if you
need any other information let me know and I’ll gladly send it to you.
167. Burak did not respond to Investor D.
168. On August 15, 2023, Investor B informed Burak that Burak’s purported “client list”
of Company A investors, whom he had promised to repay by certain dates in July and August 2023,

23
had omitted Investor D’s investment.
169. On August 18, 2023, Burak emailed counsel for Investors A and B an updated list of
six investors associated with Company A.  This list included Investor D’s $25,000 investment in
Never Alone and a commitment to return the amount to Investor D by the end of August 2023.
170. To date, Investor D has not received any money back from Burak.
FIRST CLAIM FOR RELIEF
Violations of Securities Act Section 17(a)

171. The Commission re-alleges and incorporates by reference here the allegations in
paragraphs 1 through 170.
172. Burak, directly or indirectly, singly or in concert, in the offer or sale of securities and
by the use of the means or instruments of transportation or communication in interstate commerce
or the mails, (1) knowingly or recklessly has employed one or more devices, schemes or artifices to
defraud, (2) knowingly, recklessly, or negligently has obtained money or property by means of one
or more untrue statements of a material fact or omissions of a material fact necessary in order to
make the statements made, in light of the circumstances under which they were made, not
misleading, and/or (3) knowingly, recklessly, or negligently has engaged in one or more transactions,
practices, or courses of business which operated or would operate as a fraud or deceit upon the
purchaser.
173. By reason of the foregoing, Burak, directly or indirectly, singly or in concert, has
violated and, unless enjoined, will again violate Securities Act Section 17(a) [15 U.S.C. § 77q(a)].
SECOND CLAIM FOR RELIEF
Violations of Exchange Act Section 10(b) and Rule 10b-5 Thereunder

174. The Commission re-alleges and incorporates by reference here the allegations in
paragraphs 1 through 170.
175. Burak, directly or indirectly, singly or in concert, in connection with the purchase or

24
sale of securities and by the use of means or instrumentalities of interstate commerce, or the mails,
or the facilities of a national securities exchange, knowingly or recklessly has (i) employed one or
more devices, schemes, or artifices to defraud, (ii) made one or more untrue statements of a material
fact or omitted to state one or more material facts necessary in order to make the statements made,
in light of the circumstances under which they were made, not misleading, and/or (iii) engaged in
one or more acts, practices, or courses of business which operated or would operate as a fraud or
deceit upon other persons.
176. By reason of the foregoing, Burak, directly or indirectly, singly or in concert, has
violated and, unless enjoined, will again violate Exchange Act Section 10(b) [15 U.S.C. § 78j(b)] and
Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5].
THIRD CLAIM FOR RELIEF
Violations of Advisers Act Sections 206(1) and (2)

177. The Commission re-alleges and incorporates by reference here the allegations in
paragraphs 1 through 170.
178. At all relevant times, Burak was an investment adviser under Advisers Act
Section 202(11) [15 U.S.C. § 80b-2(11)].  Burak acted as an investment adviser to the purported
investment fund, Never Alone, and/or Burak acted on behalf of Never Alone as an investment
adviser to the clients that signed Never Alone Investment Advisory Agreements.
179. Burak, by use of the mails or any means or instrumentality of interstate commerce,
directly or indirectly, has (i) knowingly or recklessly employed one or more devices, schemes, or
artifices to defraud any client or prospective client, and/or (ii) knowingly, recklessly, or negligently
engaged in one or more transactions, practices, and courses of business which operated or would
operate as a fraud or deceit upon any client or prospective client.
180. By reason of the foregoing, Burak, directly or indirectly, singly or in concert, has
violated and, unless enjoined, will again violate Advisers Act Sections 206(1) and (2) [15 U.S.C.

25
§§ 80b-6(1) and 80b-6(2)].
PRAYER FOR RELIEF
 WHEREFORE, the Commission respectfully requests that the Court enter a Final
Judgment:
I.
Permanently enjoining Burak and his agents, servants, employees and attorneys and all
persons in active concert or participation with any of them from violating, directly or indirectly,
Securities Act Section 17(a) [15 U.S.C. § 77q(a)], Exchange Act Section 10(b) [15 U.S.C. § 78j(b)]
and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5], and Advisers Act Sections 206(1) and 206(2)
[15 U.S.C. §§ 80b-6(1) and (2)];
II.
Ordering Burak to disgorge all ill-gotten gains he received directly or indirectly, with pre-
judgment interest thereon, as a result of the alleged violations, pursuant to Exchange Act
Sections 21(d)(3), 21(d)(5), and 21(d)(7) [15 U.S.C. §§ 78u(d)(3), 78u(d)(5), and 78u(d)(7)];
III.
Ordering Burak to pay civil monetary penalties under Securities Act Section 20(d) [15 U.S.C.
§ 77t(d)], Exchange Act Section 21(d)(3) [15 U.S.C. § 78u(d)(3)], and Advisers Act Section 209(e)
[15 U.S.C. § 80b-9(e)];
IV.
Permanently prohibiting Burak from, directly or indirectly, including, but not limited to,
through any entity owned or controlled by him, participating in the issuance, purchase, offer, or sale
of any security, provided, however, that such injunction shall not prevent him from purchasing or
selling securities for his own personal accounts, pursuant to Securities Act Section 20(b) [15 U.S.C.
§ 77t(b)], Exchange Act Section 21(d)(1) and (5) [15 U.S.C. § 78u(d)(1) and (5)], and Advisers Act

26
Section 209(d) [15 U.S.C. § 80b-9(d)];
V.
Permanently prohibiting Burak from, directly or indirectly, acting as or being associated with
any investment adviser, pursuant to Securities Act Section 20(b) [15 U.S.C. § 77t(b)], Exchange Act
Section 21(d)(1) and (5) [15 U.S.C. § 78u(d)(1) and (5)], and Advisers Act Section 209(d) [15 U.S.C.
§ 80b-9(d)], provided, however, that this injunction shall not prevent Burak from being a customer
or client of an investment adviser; and
VI.
Granting any other and further relief this Court may deem just and proper.
JURY DEMAND
 The Commission demands a trial by jury.

Dated:  New York, New York
February 26, 2025

     /s/ Sushila Rao Pentapati  __
Antonia M. Apps
Tejal D. Shah
Lindsay S. Moilanen
Sushila Rao Pentapati
Bari R. Nadworny
Attorneys for Plaintiff
SECURITIES AND EXCHANGE COMMISSION
New York Regional Office
100 Pearl Street
Suite 20-100
New York, NY 10004-2616
(212) 336-0410 (Rao Pentapati)
[email protected]

ANTONIA M. APPS 
REGIONAL DIRECTOR 
Tejal D. Shah 
Lindsay S. Moilanen 
Sushila Rao Pentapati 
Bari R. Nadworny 
Attorneys for Plaintiff 
SECURITIES AND EXCHANGE COMMISSION 
New York Regional Office 
100 Pearl Street  
Suite 20-100 
New York, NY 10004-2616 
(212) 336-0410 (Rao Pentapati) 
[email protected]  
 
UNITED STATES DISTRICT COURT 
SOUTHERN DISTRICT OF NEW YORK 

 
SECURITIES AND EXCHANGE 
COMMISSION, 
 
                                             Plaintiff, 
 
                        -against- 
 
ALAN BURAK,    
  
                                             Defendant.  
 

 
 
COMPLAINT 

   
25 Civ. 1626  

 
   

JURY TRIAL DEMANDED 
  

           
          

 
Plaintiff Securities and Exchange Commission (“Commission”), for its Complaint against 

Defendant Alan Burak (“Burak”), alleges as follows: 

SUMMARY  

1. Between at least 2018 and 2023 (the “Relevant Period”), Burak engaged in a 

fraudulent scheme primarily targeting Latino investors to raise approximately $4 million in a 

purported investment fund called Never Alone Capital, LLC (“Never Alone”), of which he was the 

founder and sole member, and misappropriated the bulk of that amount.  

2. To induce prospective investors to invest in Never Alone, Burak presented himself 

as a wealthy hedge fund owner, falsely told them that Never Alone was an investment fund, and 

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 2

claimed that their money would be invested in “Wall Street” pursuant to a complex investment 

strategy, in some cases with a guaranteed return.   

3. After investors wired funds to Never Alone’s bank account, Burak generally sent 

them fabricated monthly “Account and Activity Statements” purporting to show consistently 

positive returns from investments in “stocks” and “other.”  

4. However, Burak did not invest most of the money provided by investors consistent 

with his representations.  Instead, he misappropriated the bulk of investor deposits, including to pay 

for personal travel charges, an adult-only subscription service, and purchases made by his wife.   

5. To the extent that Burak invested any of the investor money through certain 

brokerage accounts, his trading yielded losses—contrary to the false account statements that Burak 

fabricated and sent to investors purporting to show that their investments were safe and generating 

high returns.   

6. In July 2022, when his scheme to defraud investors was in full swing, Burak created 

an audio recording addressed to himself in which he appeared to take stock of his business and 

finances and set “goals” for himself for the next six months to a year.  When discussing the current 

state of his business and finances, Burak admitted that he was “failing every day” because he was 

fake, that he “did not have a real business,” that he was “stealing money from people,” that he was 

losing “more and more” money in trading, and that he did not have “a real LLC,” “a real fund,” or 

“a real hedge fund.”  

7. Even after this recording, Burak’s scheme to deceive investors and prospective 

investors continued unabated through the spring of 2023, when things began to unravel.  Several 

investors whose false account statements indicated that their accounts had funds available to 

withdraw tried to cash out, but Burak manufactured additional lies and excuses to stave off 

repayments for several months and eventually stopped responding to investors altogether.   

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 3

8. To date, most of the investors in Never Alone have not recouped even their initial 

investment—much less any of the returns Burak promised.   

VIOLATIONS 

9. By virtue of the foregoing conduct and as alleged further herein, Burak has violated 

Section 17(a) of the Securities Act of 1933 (“Securities Act”) [15 U.S.C. § 77q(a)], Section 10(b) of 

the Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 

thereunder [17 C.F.R. § 240.10b-5], and Sections 206(1) and 206(2) of the Investment Advisers Act 

of 1940 (“Advisers Act”) [15 U.S.C. §§ 80b-6(1) and (2)]. 

10. Unless Burak is restrained and enjoined, he will engage in the acts, practices, 

transactions, and courses of business set forth in this Complaint or in acts, practices, transactions, 

and courses of business of similar type and object.   

NATURE OF THE PROCEEDINGS AND RELIEF SOUGHT 

11. The Commission brings this action pursuant to the authority conferred upon it by 

Securities Act Sections 20(b) and 20(d) [15 U.S.C. §§ 77t(b) and 77t(d)], Exchange Act Section 21(d) 

[15 U.S.C. § 78u(d)], and Advisers Act Sections 209(d) and 209(e) [15 U.S.C. §§ 80b-9(d) and 80b-

9(e)].  

12. The Commission seeks a final judgment: (a) permanently enjoining Burak from 

violating the federal securities laws and rules this Complaint alleges he has violated; (b) ordering 

Burak to disgorge all ill-gotten gains he received as a result of the violations alleged herein and to pay 

prejudgment interest thereon pursuant to Exchange Act Sections 21(d)(3), 21(d)(5), and 21(d)(7) 

[15 U.S.C. §§ 78u(d)(3), 78u(d)(5), and 78u(d)(7)]; (c) ordering Burak to pay civil money penalties 

pursuant to Securities Act Section 20(d) [15 U.S.C. § 77t(d)], Exchange Act Section 21(d)(3) 

[15 U.S.C. § 78u(d)(3)], and Advisers Act Section 209(e) [15 U.S.C. § 80b-9(e)]; (d) permanently 

prohibiting Burak from, directly or indirectly, including, but not limited to, through any entity 

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 4

owned or controlled by him, participating in the issuance, purchase, offer, or sale of any security, 

provided, however, that such injunction shall not prevent him from purchasing or selling securities 

for his own personal accounts, pursuant to Securities Act Section 20(b) [15 U.S.C. § 77t(b)], 

Exchange Act Section 21(d)(1) and (5) [15 U.S.C. § 78u(d)(1) and (5)], and Advisers Act Section 

209(d) [15 U.S.C. § 80b-9(d)]; (e) permanently prohibiting Burak from, directly or indirectly, acting 

as or being associated with any investment adviser, pursuant to Securities Act Section 20(b) 

[15 U.S.C. § 77t(b)], Exchange Act Section 21(d)(1) and (5) [15 U.S.C. § 78u(d)(1) and (5)], and 

Advisers Act Section 209(d) [15 U.S.C. § 80b-9(d)]; and (f) ordering any other and further relief the 

Court may deem just and proper.  

JURISDICTION AND VENUE 

13. This Court has jurisdiction over this action pursuant to Securities Act Section 22(a) 

[15 U.S.C. § 77v(a)], Exchange Act Section 27 [15 U.S.C. § 78aa], and Advisers Act Section 214 

[15 U.S.C. § 80b-14].  

14. Burak, directly and indirectly, has made use of the means or instrumentalities of 

interstate commerce or of the mails in connection with the transactions, acts, practices, and courses 

of business alleged herein. 

15. Venue lies in this District under Securities Act Section 22(a) [15 U.S.C. § 77v(a)], 

Exchange Act Section 27 [15 U.S.C. § 78aa], and Advisers Act Section 214 [15 U.S.C. § 80b-14].  

Burak may be found in, is an inhabitant of, and transacts business in the Southern District of  New 

York, and certain of  the acts, practices, transactions, and courses of  business alleged in this 

Complaint occurred within this District, including soliciting, offering, and selling securities to 

investors and maintaining an office in the District. 

DEFENDANT 

16. Burak, age 40, is a resident of New York, New York.  Burak has never been 

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 5

associated with any entity registered with the Commission.  Burak is the founder, control person, 

legal representative, and sole member of Never Alone and was also described in investor materials as 

its Managing Partner. 

OTHER RELEVANT ENTITIES  

17. Never Alone was incorporated as a limited liability company (“LLC”) in Wyoming 

in September 2016 with its principal place of business in Pompano Beach, Florida.  Never Alone 

claimed to have a New York office address at 757 3rd Avenue, 20th Floor, New York, NY 10017.  

Since November 9, 2023, Never Alone has been listed as “Inactive – Administratively Dissolved 

(Tax).”  Throughout the Relevant Period, Burak was Never Alone’s founder, sole member, legal 

representative, and control person.   

18. Never Alone Capital, Sociedad Anónima Promotora de Inversión de Capital 

Variable (S.A.P.I. de C.V.) is a Mexican entity created and controlled by Burak to recruit 

additional investors in Mexico. 

FACTS 

I. BURAK FOUNDED NEVER ALONE AS A PURPORTED FUND FOR 
WEALTHY INVESTORS.  

19. On September 19, 2016, Burak incorporated Never Alone as an LLC in Wyoming.   

20. On September 22, 2016, Burak signed an Operating Agreement for Never Alone.  

21. Exhibit A of Never Alone’s Operating Agreement listed Burak as its only member, 

with a 100 percent “capital contribution” and a 100 percent ownership interest.   

22. Burak was the only signatory of Never Alone’s Operating Agreement.   

23. By at least 2018, Burak began soliciting investors to invest money in Never Alone, 

which he described as a fund with a portfolio of different investments in the form of stocks, 

options, and cash.   

24. In September 2018, Burak appeared on a publicly-available podcast, where he was 

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 6

introduced as an “investor and entrepreneur who manages Never Alone Capital, a multi-million 

dollar investment business.”   

25. Asked to describe Never Alone in the interview, Burak replied:  “It is basically an 

asset management firm.  I basically manage people’s money…inside the stock market, commodities 

and currencies[.]” 

26. On February 18, 2019, Burak purchased the domain name “neveralonecapital.com” 

and registered it in his name.  

27. Through at least the end of the Relevant Period, the “About Us” section of 

neveralonecapital.com, as well as posts published on Burak’s publicly accessible LinkedIn profile, 

described Never Alone as follows:   

[Never Alone] is a systematic asset management firm.  We handle portfolios 
that include equities, commodities and FX, and invest in companies and 
industries across 22 countries throughout Asia, America, and parts of 
Europe.  We focus on trend-following-option trading, leveraging automated 
systems that analyze past market trends to inform current market behavior.   

28. During the Relevant Period, Burak also publicly presented himself as an investment 

adviser and “coach.” 

29. For example, on March 20, 2019, Burak published a post on his publicly accessible 

LinkedIn profile titled “Why Every Financial Expert Should Study Psychology,” in which Burak 

held himself out as an independent “advisor” and wrote (emphasis in original):   

Advisors associated with an institution will not prioritize you as a client, they 
are only interested in claiming your assets for their employers.  An 
independent advisor makes money when you make money, which makes 
them properly motivated to help you succeed.  When I sit down with a client 
to discuss their goals and aspirations, I make an effort to put myself in 
THEIR shoes.  I measure and match their energy, in order to more 
effectively communicate, and transform their dreams into reality.   

30. Similarly, in a public post on LinkedIn on May 8, 2019, titled “3 Investment Tips 

Wall Street Doesn’t Want You to Know,” Burak offered investors tips on how to become successful 

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 7

at investing.   

II. BURAK BEGAN TARGETING THE LATINO COMMUNITY TO RECRUIT 
INVESTORS. 

 
31. In December 2018, Burak met Investor A at a seminar in Florida.  

32. Burak told Investor A that he managed money for many people and owned a hedge 

fund called Never Alone, which required a minimum investment amount of $2 million.  

33. Investor A asked Burak for advice on her portfolio of investments, which Burak 

provided.   

34. Investor A introduced Burak to her husband and business partner, Investor B.   

35. Investors A and B had founded a media company (“Company A”) providing 

financial education programs in Spanish to the Latino community to empower them to invest in the 

stock market.   

36. Burak presented himself to Investors A and B as a hedge fund manager with ties to 

Mexico.   

37. Starting in 2019, Burak was regularly featured on Company A’s platforms as a 

“renowned” expert whose hedge fund managed hundreds of millions of dollars and an instructor for 

online classes and webinars on investing offered by Company A.   

38. During the Relevant Period, Burak presented at least a dozen courses, “seminars,” or 

“tutorials” on investing to Company A members, including through podcasts and “live” chats on its 

platforms. 

39. Burak subsequently used his connections to Company A to identify and solicit 

several investors in the Latino community to invest in Never Alone.   

40. In discussions with these investors, including in Company A classes and promotional 

materials provided to investors and potential investors and published online, Burak often referred to 

Never Alone as a fund, a hedge fund (“fondo de cobertura” in Spanish), or an investment fund (“fondo de 

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 8

inversión” in Spanish). 

41. For example, in connection with “live” sessions with Burak offered to Company A 

students in 2020 and 2021, Burak was described as “a world-famous investor” and the “owner” or 

“founder” of “the investment fund[] Never Alone Capital.” 

42. In connection with Company A’s fourth anniversary in 2023, Burak was described as 

a “renowned investor…owner and director of the Manhattan-based hedge fund: Never Alone 

Capital, which manages hundreds of millions of dollars.” 

III. BURAK MADE MATERIAL MISREPRESENTATIONS TO OBTAIN 
INVESTMENTS. 

43. Burak told prospective (and current) investors that Never Alone followed a complex 

investment strategy that prioritized preserving their equity and maximizing their returns.   

44. For example, in a publicly-available LinkedIn Post on March 6, 2019, titled “An 

Introduction to Never Alone Capital,” Burak wrote: 

As macro traders, we start with money management, risk management, and 
then returns.  This is another great differentiator for [Never Alone] because 
most asset management firms focus on returns first.  They focus on getting 
quick wins.  But a lot of them don’t survive for more than three or four years 
because they run out of assets.  Our mission at [Never Alone] is to facilitate 
long-term strategies that enable our clients to build healthy equity in the long 
run. 

45. In another publicly-available LinkedIn Post on April 10, 2019, titled “3 Reasons Why 

Projections are Bull[expletive],” Burak wrote (emphasis in original): 

At [Never Alone], we focus on a trend-following strategy, which allows us to 
find patterns in past behavior to inform future market trends.  Instead of 
predicting the future of a stock, our strategy is based on these two maxims:   
1. The present is always the reality.  We follow the price today and invest 
in what we can see currently, not what we hope to see in the future.  Our 
strategy stays the same, even as we adapt to market fluctuations. 

2. To follow trends, you have to understand trends.  We study past 
market behaviors using technical and fundamental analysis.  These variables 
are NOT used to predict the market, but rather to watch for patterns that 
form over time. 

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46. Starting in at least 2022, Burak also provided to prospective investors different 

versions of a “Never Alone Investor Presentation,” which purported to describe the investment 

objective and strategies deployed at Never Alone.  

47. These presentations typically referenced a minimum investment amount of 

$1 million to $2 million, but Burak generally allowed investments of lesser amounts, often suggesting 

that he was providing the investor a special opportunity.   

48. For example, a slide deck titled “Never Alone Capital Investor Presentation January 

2022” that was provided to an investor described the investment objective to “[a]chieve returns 

exceeding the broader Global Equity Markets (measured by the S&P 500 and MSCI World), over a 

full market cycle.  We seek to achieve these returns primarily thru [sic] publicly traded, marketable 

securities of U.S. and non-U.S. companies.” 

49. The slide deck also described Never Alone’s investment strategy as “a value-oriented 

investment process” with a “typical portfolio comprise[d] of 6 – 15 high-quality companies.  We 

don’t aim to ‘beta-hedge’ our positions, as this typically results in sacrificing long-term gains for 

reducing short-term volatility.  We embrace volatility.” 

50. The slide deck also purported to provide a representative overview of Never Alone’s 

“Performance (Net of Fees)” over more than a decade—from 2010, years before Burak’s 2016 

incorporation of Never Alone, through 2021—and claimed returns ranging from 14.31% in 2015 to 

21.61% in 2019.   

51. Burak also falsely told investors and prospective investors in Never Alone that their 

funds would be custodied with a prestigious global financial services firm (“Financial Institution A”), 

with which Never Alone had a custodial relationship. 

52. Burak’s representation that investors’ funds would be custodied at Financial 

Institution A made the investment appear safer and more legitimate to investors and prospective 

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investors. 

53.  But, as Burak knew, Never Alone did not have any custodial agreement or account 

with Financial Institution A. 

54. Some investors were even given a fictitious document purporting to be an 

“Execution Copy” of a “Fund of Hedge Funds Custodial Agreement” dated July 30, 2006, between 

Never Alone and Financial Institution A.   

55. Financial Institution A has no records relating to any such document.   

56. Associated metadata indicate that Burak was the author of this document and that it 

was created in or around May 2022.   

57. Once investors decided to move forward with their investment in Never Alone, 

Burak sent them an “Investment Advisory Agreement,” drafted in either English or Spanish, which 

referred to Never Alone, one party to the agreement, as an “Investment Advisor,” and to the other 

party, the investor, as the “Client.” 

58. Burak signed the Investment Advisory Agreements on behalf of Never Alone and as 

its legal representative. 

59. These Investment Advisory Agreements provided that “Never Alone, through its 

legal representative, hereby states that…it is its will to act as Investment Advisor under the terms 

and conditions established in this Agreement.”   

60. Clause Two of the Investment Advisory Agreements, entitled “Investment 

Advisory,” stated that “[b]y virtue of the Agreement, the Client states that it wishes to receive 

Investment Advisory services from NEVER ALONE, so that the latter may consequently be able to 

provide each and every one of the activities that are necessary and convenient,” described in an 

Annex, “which is an integral part of th[e] Agreement.” 

61. By entering into the Investment Advisory Agreements, the investors granted Never 

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Alone “a general mandate to perform actions that empower it to issue instructions to intermediaries 

in the stock market, consisting of buying, selling, and transferring funds; carrying out any action 

related to securities, titles, or documents attributable to them or other authorized stock or over-the-

counter instructions and any other instrument authorized by law,” among other transactions. 

62. The Annex to the Investment Advisory Agreements stated that the administration of 

funds would be carried out through “shares of public companies, international ETFs, main 

commodities, and currencies.” 

63. The Annex to the Investment Advisory Agreements also specified the compensation 

arrangement, which was typically represented as a commission on returns generated.  

64. Burak further told some investors that he would only earn a commission after the 

investor’s investment had generated at least a certain rate of return and told other investors (whom 

he offered a purported “friends and family” opportunity) that they would be charged no fees and no 

commissions.  

65. Despite the advisory arrangement in the Investment Advisory Agreements, in 

communications between Burak, on the one hand, and investors and prospective investors, on the 

other hand, Burak referred to Never Alone as a “fund” or a “hedge fund,” and investors and 

prospective investors similarly described Never Alone as the fund in which they were investing.  

66. To make their investments, investors wired their money to a bank account in Never 

Alone’s name (the “Never Alone Bank Account”), which the Investment Advisory Agreements 

referred to as the “Investment Fund Account.”  

67. During the Relevant Period, Burak was the only authorized signatory on the Never 

Alone Bank Account. 

68. During the Relevant Period, Burak raised approximately $4 million from at least 17 

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investors.  

69. At least six of these investors were introduced to Burak and Never Alone due to his 

affiliation with Company A. 

III. BURAK’S LIMITED TRADING LOST MONEY, AND HE MISAPPROPRIATED 
INVESTOR FUNDS. 

70. To the extent that Burak actually invested or traded any of the investors’ funds, his 

trades yielded losses.  

71. Throughout the Relevant Period, Burak also regularly misappropriated most of the 

investor money.   

72. In several instances, after investors sent their investments to the Never Alone Bank 

Account, their funds were immediately transferred to accounts in Burak’s name, including an 

account held by Burak and his wife.   

73. Burak then used those funds to pay personal expenses.  

74. For example, on May 19, 2020, an investor sent $25,000 to the Never Alone Bank 

Account.  Prior to that investment, the account balance in the Never Alone Bank account was just 

over $400. 

75. The same day, a transfer of $16,000 was made from the Never Alone Bank Account 

to one of Burak’s personal bank accounts. 

76. Later that same day—May 19, 2020—Burak made a credit card payment of $16,000 

from that same personal bank account to an American Express account with credit cards held by 

both Burak and his wife. 

77. During the two-week period before the investor’s May 19, 2020 investment, charges 

to this American Express account included the following charges made to Burak’s wife’s credit card:  

$384.45 for skin care on April 30, 2020; $146.27 to a clothing store on May 14, 2020; and $228.09 to 

a department store on May 16, 2020. 

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78. On or around July 25, 2022, while his scheme to defraud investors was in full swing, 

Burak created an audio recording in which he addressed himself and appeared to take stock of the 

state of his business and finances and set “goals” to “better” himself in the coming months. 

79. In the recording, Burak described Never Alone as a fake fund with no real business, 

no growth, and no real cash flow or clients:   

Alan, what’s going on in your life?  I am exhausted.  I feel that…I feel that I 
am failing every day.  I am failing because I am fake.  I have no real business.  
I am literally stealing money from people.  I have no business.  I haven’t paid 
my taxes.  I am not growing at all.  I don’t have a real LLC.  I don’t have a 
real fund.  I don’t have a real hedge fund.   

80. Burak also repeatedly admitted that his efforts to make money from trading had 

failed, that he was just losing “more and more” money in the markets, and that one of his goals was 

to “get better in my trading.” 

81. Even after making this recording, Burak continued to misappropriate money from 

investor funds.  

82. For example, the Never Alone Bank account received over $140,000 in investor 

deposits from December 2022 through mid-February 2023. 

83. From February 13 through February 27, 2023, Burak made 14 payments totaling 

$7,865 directly from the Never Alone Bank Account toward the balance of his Chase Freedom 

personal credit card.  

84. In that same time period, charges to Burak’s Chase Freedom personal credit card 

included the following charges:  $689.85 to a luxury mountain resort on February 20, 2023; 

$1,507.98 to a parking application for parking in New York City on February 18, 2023; and charges 

to music and entertainment platforms, as well as to an adult-only subscription service.   

IV. TO CONCEAL HIS SCHEME, BURAK SENT INVESTORS FALSE ACCOUNT 
STATEMENTS. 

85. During the Relevant Period, Burak regularly sent most investors monthly statements 

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of purported account activity in PDF documents titled “Account and Activity Statements.”    

86. These Account and Activity Statements included a purported “overview” of the 

investment over time with consistently positive returns on investors’ money—both as an “average” 

percentage return for the period and as a “cumulative” return. 

87. The Account and Activity Statements also included balance information; “Ending 

Allocation” details describing what percentage of the investor’s investment was in cash, stocks, or 

other; and a chart purporting to show the increases in “Net Asset Value” by month.   

88. Burak fabricated these Account and Activity Statements. 

89. The Account and Activity Statements’ representations about investment allocations 

and positive returns were fictitious, were not tied to any actual transactions or trades, and concealed 

that Burak had lost through trading, or misappropriated, much of the investments made in Never 

Alone. 

V. BURAK CONTINUED TO MAKE THE SAME MISREPRESENTATIONS TO 
EXISTING AND PROSPECTIVE INVESTORS UNTIL HIS SCHEME 
UNRAVELED IN 2023.  

90. In the year after making his recording, Burak continued to make the same false 

representations alleged above in paragraphs 43 through 69 about his successful trading record, 

investment strategies, and guaranteed returns to existing and prospective investors in his purported 

Never Alone fund.  

91. As investors began complaining about Burak and demanding their money back, 

Burak manufactured additional lies and excuses to delay repayments and to avoid disclosing that he 

had either lost or squandered their funds and had no ability to repay them, including in the examples 

alleged in paragraphs 119 through 121, 138 through 139, and 143 through 148, below.  

92. By April 2023, Burak had drained the primary Never Alone Bank Account into 

which investors in Never Alone had deposited their funds.   

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93. On May 4, 2023, the Never Alone Bank Account was closed. 

VI. MOST OF BURAK’S VICTIMS LOST THEIR INVESTMENTS. 

94. Most of Burak’s victims lost their investments in Never Alone after investing based 

on Burak’s misrepresentations.  

95. Below are examples of Burak’s misrepresentations between June 2022 through the 

fall of 2023 to four investors (all associated with Company A) to induce them to invest in Never 

Alone.   

96. To date, as described below, none of these four investors has received even their 

initial investments back from Burak.  

A. Investor C Lost $30,000 After Investing in Never Alone in June 2022.  

97. In or about 2021, Investor C first heard about Never Alone from Burak and 

Investor A in connection with online classes she was taking with Company A.   

98. During these classes, Burak mentioned that he had a fund, which prompted 

Investor C to contact Burak and inquire about investing.  

99. On June 6, 2022, Investor C emailed Burak:  “I would like to know what are the 

requirements to invest with you and the minimum capital.”   

100. That day, Burak responded and asked Investor C which country she lived in and how 

she had learned about Never Alone.   

101. Investor C responded:  “Hi I live in the USA, I heard about you through 

[Company A].  And I am studying with [Company A], but I was interested in your fund, so I would 

like to know the requirements and if it is possible, then go ahead and if not, I will move on.”1 

102. Burak responded, “If you come from [Company A], the minimum is US$15,000.  

 
1 The quotations in paragraphs 99, 101, 102, 104, 105, 110, 111, 112, 118, 119, 120, 121, 127, 

152, 166 have been translated from Spanish.  

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Requirements are to sign a contract and send us ID, proof of address and beneficiaries for the 

account.” 

103. On June 8, 2022, Investor C emailed Burak the required information, and Burak sent 

her a copy of the Investment Advisory Agreement.  

104. Between June 8 and June 9, 2022, Investor C emailed Burak several questions about 

the Agreement, including, “[I]n which broker or bank will I see the movements that are going to be 

made? such as: the capital I start with, how money moves and how it is diversified?” 

105. Burak responded:  “Monthly I will be sending you internal reports on how your 

capital is, your interests and in which industries, sectors it is moving.  There are also a couple of 

graphs and historical data [you will be receiving].” 

106. On June 10, 2022, Investor C emailed a signed Investment Advisory Agreement back 

to Burak.   

107. The Annex to Investor C’s Investment Advisory Agreement stated that the 

investment would last for one year from the first deposit, with an option to renew, and that 

Investor C had “the right from month 06 to withdraw 100% of the capital and returns” by giving 

Never Alone five business days’ notice.   

108. The Annex also provided that “[a] 20.00% commission on returns is generated after 

10% interest.”   

109. The same day, Investor C wired $30,000 to the Never Alone Bank Account.   

110. Burak confirmed receipt of Investor C’s money and added that “it will start 

generating returns today itself.”  

111. Investor C then thanked Burak for “allowing me to be part of your fund,” to which 

Burak replied, “It will be a pleasure to support you in increasing your and your family’s assets.” 

112. Investor C wrote back:  “Yes, I know, that I am with the best, to make my savings 

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grow!!.  And well.. here I will continue learning at [Company A], because thanks to you, I opened my 

eyes to my finances in many things. […] In the meantime I will wait for the account statements you 

send me[.]”  

113. Starting in July 2022, Burak emailed Investor C monthly “Account and Activity 

Statements,” each falsely showing a positive return on Investor C’s investment.   

114. In or around February 2023, Burak called Investor C to solicit additional investments 

in Never Alone.   

115. Burak told Investor C that “it was the right time” to invest more money.   

116. Investor C declined Burak’s offer to invest more funds in Never Alone.   

117. On June 9, 2023, Investor C emailed Burak requesting her Account and Activity 

Statement for the previous month of May 2023. 

118. Investor C explained in her email:  

I have already completed a year with you, and I would like to withdraw the 
money.  I understand that I could do this after completing a year.  We have 
bought a house and I am remodeling it, so I am going to invest it there…. 
[A]nd I am very grateful for all the confidence and the pleasure of having 
been part of this marvelous fund and having met you.  Thank you very much 
and I am looking forward to what’s next.  

119. Later that day, Burak replied:  “Yes, today afternoon I will send you the report and 

the steps for the transfer.  Thank you for the trust.” 

120. On June 12, 2023, Burak emailed Investor C her purported Account and Activity 

Statement for May 2023 and a list of the information he needed to liquidate her investment and to 

transfer the “amount stated in [Investor C’s] last report” to her.  

121. Burak claimed that the transfer would take “about three business weeks.”  

122. The purported May 2023 Account and Activity Statement represented that Investor 

C’s investment had grown by an “average” of 17.78% and had an ending net asset value of 

“$35,333.82.”   

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123. That day, Investor C provided the requested information, which Burak confirmed he 

received on June 16, 2023.    

124. On July 7, 2023, Investor C emailed Burak noting that the three weeks had passed 

and inquiring when she would receive the money. 

125. Burak did not respond.  

126. Investor C followed up several times in 2023, demanding the return of her $30,000 

investment as promised by Burak.   

127. For example, on August 31, 2023, Investor C wrote:  “Maybe for you 30k doesn’t 

mean anything!!  [B]ecause you are a millionaire, but for us it is effort, sacrifice and honest work, to 

earn that money, as I told you once it is the heritage of us and my daughters, and you simply 

vanished it.” 

128. Investor C continued to follow up with Burak, but to date has not received even her 

initial investment back, much less any returns promised by Burak.   

B. Investors A and B Lost $25,000 By Investing in Never Alone in 
February 2023.  

129. In or around January 2023, Burak told Investors A and B that in February 2023, he 

was starting a 90-day “horse race fund” only for friends and family with a minimum investment of 

$25,000 and “at least 50% return.” 

130. On February 13, 2023, Investor B emailed Burak a signed Investment Advisory 

Agreement agreeing to invest $25,000 in Never Alone.  

131. The Investment Advisory Agreement executed by Investor B stated on its cover:  

“Never Alone Capital ‘Horse Race’ February – May 2023” and “At least 50% Return!” 

132. The Annex to Investor B’s Investment Advisory Agreement purported to provide a 

special “friends and family” deal, including a representation that there were “No Fees and No 

Commissions.”  

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133. The Investment Advisory Agreement also purported to give Investor B the right to 

withdraw “100% of the capital and returns” starting on May 31, 2023.   

134. Investor A was listed as the beneficiary of Investor B’s Investment Advisory 

Agreement.  

135. On February 13, 2023, Investor B wired $25,000 to the Never Alone Bank Account.   

136. On March 13, 2023, Burak sent an email (blind copying both Investors A and B) 

with the subject line “Horse Race Update,” soliciting additional investments in the “horse race 

fund,” and claiming, “At the moment our horse race fund is + 24.71%!!! Congratulations!” 

(emphasis in original).  

137. In April 2023, Investor A asked Burak to withdraw the money Investors A and B 

had invested in Never Alone.   

138. In response, Burak told Investor A that there was an issue with Financial Institution 

A, the purported fund custodian. 

139. Burak also claimed that investors could not withdraw money until Financial 

Institution A completed its diligence.   

140. In reality, Never Alone did not have any relationship or accounts with Financial 

Institution A, as alleged in paragraph 53 above.  

141. Over the following months, Investors A and B made several attempts to get their 

money back from Burak.   

142. On June 19, 2023, Investor A emailed Burak and wrote:  

Per our written agreement attached, we have been waiting to receive our 
funds since May 31st.  It’s been almost 3 weeks.  Please send them by 
tomorrow June 20th at 5pm.  This is affecting our finances for both the 
company and personal as we were counting on these funds for the month of 
June and we still don’t have them[.]     

143. On June 30, 2023, after Burak texted him requesting a phone call, Investor B wrote 

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 20

to Burak in an email:  

If you have anything else to say to us please answer our emails and put it in 
writing.  We are done with the pointless phone calls and broken promises. 
You are either going to return the money we invested in your fund and keep 
your word, or you are not. 

144. On July 10, 2023, Investor B wrote to Burak threatening legal action to secure the 

return of funds invested by investors associated with Company A:   

You have lied to us numerous times about sending the wire transfer, telling 
us to check our account for the funds, insulting our intelligence as we both 
know that the money was never sent.  […]  Over the past few weeks, we 
have received multiple emails from people who invested into your fund and 
like us, have also not received their money yet.  Some of them even claim 
that you called them privately last year.  You failed to disclose to us that you 
were soliciting investments from non-accredited investors from our 
community into your fund and your behavior appears to violate multiple 
federal laws and SEC regulations here in the United States. 

145. Burak replied the next day:  “I will send you between today and tomorrow a table 

with the amounts of each individual from [Company A] that invested and the exact day (in the 

coming days) that all of you will be receiving the money back.” 

146. On July 12, 2023, Burak sent counsel for Investors A and B a table listing five 

investors associated with Company A, the planned return dates for their investments, and the 

purported total value of their investments, including the purported returns on their initial 

investments.   

147. For example, Burak’s table listed Investor B’s total investment value as $33,012.50—

falsely indicating that Investor B’s $25,000 investment had grown by over 32% since February 

2023—and was to be returned by July 30, 2023.   

148. After repeated follow-ups, Burak again represented to counsel for Investors A and B 

on August 18, 2023, that Burak’s “priority [wa]s to ensure the timely return of the investors’ money 

before the end of the month.”  

149. To date, despite persistent efforts, Investors A and B have not received any money 

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back from Burak. 

C. Investor D Lost $25,000 By Investing in Never Alone in February 2023.  

150. Like Investor C, Investor D learned about Never Alone through online Company A 

classes hosted by Investor A and Burak.   

151. In these classes, Burak frequently mentioned his hedge fund. 

152. On February 2, 2023, Burak emailed Investor D directly:   

I don’t know if [Investor A] or anyone from [Company A] has told you that 
this year one of my goals is to expand my support to traders and investors.  
That is why I am accepting 5 additional persons for 1 on 1 coaching.  If you 
are interested, send me your cell and we will discuss.  

153. Investor D agreed to speak with Burak on February 9, 2023, about the coaching 

opportunity.    

154. On the call, Burak told Investor D that his fee for one-on-one coaching was $70,000, 

which Investor D declined as being too high.  

155. Burak then pivoted to offering Investor D the opportunity to invest in Never Alone. 

156. On the call, Burak told Investor D that the minimum investment was $25,000 with 

returns between “10 to 18 percent,” and that Investor A had convinced him to offer the investment 

to support Company A’s students.   

157. Investor D was excited to hear about this opportunity because she understood that 

the minimum amount to invest with Never Alone was typically higher.   

158. On the same call, Burak claimed that Investor D’s money would be invested in “Wall 

Street” and options.   

159. Burak also promised Investor D that her return would be greater than 10% and that, 

if it was less, he would not charge her.   

160. On February 9, 2023, following their call, Burak sent Investor D a template 

Investment Advisory Agreement to review and a list of required information, which Investor D 

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 22

provided on February 13, 2023.    

161. On February 14, 2023, Burak sent Investor D a copy of the Investment Advisory 

Agreement to execute. 

162. The next day, Investor D emailed Burak the signed Investment Advisory Agreement 

and wired $25,000 to the Never Alone Bank Account.   

163.  In substance, Investor D’s executed Investment Advisory Agreement contained 

terms similar to those provided to Investor C.  

164. Specifically, Investor D’s investment was for one year, with the option to renew;  

Investor D had “the right from month 06 to withdraw 100% of the capital and returns” by giving 

Never Alone five business days’ notice; Investor D was to receive “monthly and/or weekly reports 

detailing the movements of the funds”; and “[a] 20.00% commission on returns” would be 

“generated after 10% interest.”  

165. Between the time she sent her funds to the Never Alone Bank Account in mid-

February 2023 and at least July 10, 2023, Investor D did not receive any reports or statements 

showing or purporting to show the value of her investment in Never Alone.   

166. On July 10, 2023, Investor D emailed Burak asking for her investment to be 

returned:   

I sent you a text to the cell phone number you contacted me about to try to 
talk to you.  As I told you in the text, regarding what we also talked about 
when I agreed to invest in Never Alone Capital $25,000.00.  We agreed that I 
would be sent monthly reports of the performance of my investment and I 
have not received a single one, I have decided that I no longer want to 
continue investing with Never Alone Capital and I want to ask you to return 
my money as soon as possible.  You have my account information but if you 
need any other information let me know and I’ll gladly send it to you. 

167. Burak did not respond to Investor D.    

168. On August 15, 2023, Investor B informed Burak that Burak’s purported “client list” 

of Company A investors, whom he had promised to repay by certain dates in July and August 2023, 

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 23

had omitted Investor D’s investment.   

169. On August 18, 2023, Burak emailed counsel for Investors A and B an updated list of 

six investors associated with Company A.  This list included Investor D’s $25,000 investment in 

Never Alone and a commitment to return the amount to Investor D by the end of August 2023.   

170. To date, Investor D has not received any money back from Burak.  

FIRST CLAIM FOR RELIEF 
Violations of Securities Act Section 17(a) 

 
171. The Commission re-alleges and incorporates by reference here the allegations in 

paragraphs 1 through 170. 

172. Burak, directly or indirectly, singly or in concert, in the offer or sale of securities and 

by the use of the means or instruments of transportation or communication in interstate commerce 

or the mails, (1) knowingly or recklessly has employed one or more devices, schemes or artifices to 

defraud, (2) knowingly, recklessly, or negligently has obtained money or property by means of one 

or more untrue statements of a material fact or omissions of a material fact necessary in order to 

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

misleading, and/or (3) knowingly, recklessly, or negligently has engaged in one or more transactions, 

practices, or courses of business which operated or would operate as a fraud or deceit upon the 

purchaser. 

173. By reason of the foregoing, Burak, directly or indirectly, singly or in concert, has 

violated and, unless enjoined, will again violate Securities Act Section 17(a) [15 U.S.C. § 77q(a)]. 

SECOND CLAIM FOR RELIEF 
Violations of Exchange Act Section 10(b) and Rule 10b-5 Thereunder 

 
174. The Commission re-alleges and incorporates by reference here the allegations in 

paragraphs 1 through 170. 

175. Burak, directly or indirectly, singly or in concert, in connection with the purchase or 

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 24

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

or the facilities of a national securities exchange, knowingly or recklessly has (i) employed one or 

more devices, schemes, or artifices to defraud, (ii) made one or more untrue statements of a material 

fact or omitted to state one or more material facts necessary in order to make the statements made, 

in light of the circumstances under which they were made, not misleading, and/or (iii) engaged in 

one or more acts, practices, or courses of business which operated or would operate as a fraud or 

deceit upon other persons. 

176. By reason of the foregoing, Burak, directly or indirectly, singly or in concert, has 

violated and, unless enjoined, will again violate Exchange Act Section 10(b) [15 U.S.C. § 78j(b)] and 

Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5]. 

THIRD CLAIM FOR RELIEF 
Violations of Advisers Act Sections 206(1) and (2) 

 
177. The Commission re-alleges and incorporates by reference here the allegations in 

paragraphs 1 through 170.  

178. At all relevant times, Burak was an investment adviser under Advisers Act 

Section 202(11) [15 U.S.C. § 80b-2(11)].  Burak acted as an investment adviser to the purported 

investment fund, Never Alone, and/or Burak acted on behalf of Never Alone as an investment 

adviser to the clients that signed Never Alone Investment Advisory Agreements.   

179. Burak, by use of the mails or any means or instrumentality of interstate commerce, 

directly or indirectly, has (i) knowingly or recklessly employed one or more devices, schemes, or 

artifices to defraud any client or prospective client, and/or (ii) knowingly, recklessly, or negligently 

engaged in one or more transactions, practices, and courses of business which operated or would 

operate as a fraud or deceit upon any client or prospective client. 

180. By reason of the foregoing, Burak, directly or indirectly, singly or in concert, has 

violated and, unless enjoined, will again violate Advisers Act Sections 206(1) and (2) [15 U.S.C. 

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§§ 80b-6(1) and 80b-6(2)]. 

PRAYER FOR RELIEF 

 WHEREFORE, the Commission respectfully requests that the Court enter a Final 

Judgment: 

I. 

Permanently enjoining Burak and his agents, servants, employees and attorneys and all 

persons in active concert or participation with any of them from violating, directly or indirectly, 

Securities Act Section 17(a) [15 U.S.C. § 77q(a)], Exchange Act Section 10(b) [15 U.S.C. § 78j(b)] 

and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5], and Advisers Act Sections 206(1) and 206(2) 

[15 U.S.C. §§ 80b-6(1) and (2)]; 

II. 

Ordering Burak to disgorge all ill-gotten gains he received directly or indirectly, with pre-

judgment interest thereon, as a result of the alleged violations, pursuant to Exchange Act 

Sections 21(d)(3), 21(d)(5), and 21(d)(7) [15 U.S.C. §§ 78u(d)(3), 78u(d)(5), and 78u(d)(7)]; 

III. 

Ordering Burak to pay civil monetary penalties under Securities Act Section 20(d) [15 U.S.C. 

§ 77t(d)], Exchange Act Section 21(d)(3) [15 U.S.C. § 78u(d)(3)], and Advisers Act Section 209(e) 

[15 U.S.C. § 80b-9(e)];  

IV. 

Permanently prohibiting Burak from, directly or indirectly, including, but not limited to, 

through any entity owned or controlled by him, participating in the issuance, purchase, offer, or sale 

of any security, provided, however, that such injunction shall not prevent him from purchasing or 

selling securities for his own personal accounts, pursuant to Securities Act Section 20(b) [15 U.S.C. 

§ 77t(b)], Exchange Act Section 21(d)(1) and (5) [15 U.S.C. § 78u(d)(1) and (5)], and Advisers Act 

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Section 209(d) [15 U.S.C. § 80b-9(d)]; 

V. 

Permanently prohibiting Burak from, directly or indirectly, acting as or being associated with 

any investment adviser, pursuant to Securities Act Section 20(b) [15 U.S.C. § 77t(b)], Exchange Act 

Section 21(d)(1) and (5) [15 U.S.C. § 78u(d)(1) and (5)], and Advisers Act Section 209(d) [15 U.S.C. 

§ 80b-9(d)], provided, however, that this injunction shall not prevent Burak from being a customer 

or client of an investment adviser; and  

VI. 

Granting any other and further relief this Court may deem just and proper.  

JURY DEMAND 

 The Commission demands a trial by jury.  

 
Dated: New York, New York 

February 26, 2025 
 

     /s/ Sushila Rao Pentapati  __    
Antonia M. Apps  
Tejal D. Shah 
Lindsay S. Moilanen 
Sushila Rao Pentapati 
Bari R. Nadworny 
Attorneys for Plaintiff 
SECURITIES AND EXCHANGE COMMISSION 
New York Regional Office 
100 Pearl Street  
Suite 20-100 
New York, NY 10004-2616 
(212) 336-0410 (Rao Pentapati) 
[email protected]  
  

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