Mercer Times

Attorney General Matthew J. Platkin has announced a civil enforcement action by the New Jersey Bureau of Securities against two individuals and their company, Bowmo, Inc., for allegedly defrauding a New Jersey investor. The complaint, filed in Bergen County Superior Court, accuses Michael Lakshin from Fair Lawn, New Jersey, Edward Aizman from Brooklyn, New York, and Bowmo of using deceptive practices to persuade an investor to liquidate her retirement fund to invest in their job recruiting software service.

The funds were reportedly misused for personal expenses such as cash advances and luxury purchases. The lawsuit seeks to bar Bowmo and its executives from securities activities in New Jersey and demands penalties, restitution with interest for the victim, and disgorgement of profits gained through the scheme.

"The defendants in this case shamelessly bankrolled their lavish lifestyles with someone else’s hard-earned retirement savings," stated Attorney General Platkin. "The lawsuit announced today sends a clear message that this kind of blatant exploitation of investors will not go unpunished in New Jersey."

Cari Fais, Director of the Division of Consumer Affairs, emphasized the misuse of personal connections: "The defendants callously used a personal connection to lure an unsuspecting victim into a money grab scheme disguised as an investment opportunity."

The complaint outlines how Lakshin leveraged his childhood friendship with the investor to promote Bowmo's securities as offering higher returns than her retirement account. It alleges that Lakshin pressured her into liquidating her account under false assurances regarding taxes and penalties.

Elizabeth M. Harris, Bureau Chief, highlighted the importance of due diligence: "This case serves as a sobering example of why it’s vitally important to investigate investment products...the pressure to act fast...is a universal red flag."

The investigation was led by Deputy Bureau Chief Amy Kopleton and Supervising Investigator Myles Orosco. Legal representation is provided by Deputy Attorneys General Michael Eleneski and Mikhaeil Awad under Assistant Attorney General Brian F. McDonough's supervision.

Investors are encouraged to verify financial professionals' credentials through the Bureau's resources before investing.