SEC Charges Adam B. Rundle in Alleged $1.5 Million Robinvest SAFE Fraud
SEC charges Adam B. Rundle over an alleged $1.5 million SAFE fraud involving Robinvest, identity theft, cryptocurrency losses and total fund misappropriation.
Summary
The SEC’s September 11, 2026 Litigation Release No. 26637 concerns charges filed September 10 against former Maryland resident Adam B. Rundle in SEC v. Adam B. Rundle, No. 1:26-cv-03590-ABA, in the U.S. District Court for the District of Maryland. The complaint alleges Rundle raised approximately $1.5 million from an investor between at least November 2021 and January 2024 by stealing a licensed securities professional’s identity and selling a purported Simple Agreement for Future Equity in Robinvest, LLC, which he created and controlled. He allegedly represented that the SAFE guaranteed principal and a 4% annually compounded return.
The SEC alleges Rundle invested none of the money as promised and misappropriated the entire amount. Rundle allegedly told former business partners that he stole a customer’s money, bought cryptocurrency and lost everything. The complaint charges violations of Securities Act Section 17(a), Exchange Act Section 10(b) and Rule 10b-5, seeking an injunction, civil penalties, disgorgement and prejudgment interest.
Paulina L. Jerez and Jacquelyn D. King conducted the Philadelphia Regional Office investigation under Kingdon Kase, Brian R. Higgins and Scott A. Thompson. Judson T. Mihok will lead the litigation under Gregory R. Bockin.
Positives
- The September 10 federal complaint advances the SEC’s allegations into court and seeks injunctive, monetary and punitive remedies.
- Requested disgorgement and prejudgment interest target the alleged ill-gotten funds, although the release reports no recovery.
- Charges under Section 17(a), Section 10(b) and Rule 10b-5 provide multiple antifraud grounds for the SEC’s requested relief.
- The SEC assigned named investigators, supervisors and litigators to pursue the case in the District of Maryland.
Risks & concerns
- Approximately $1.5 million was allegedly misappropriated in its entirety from a single investor.
- Rundle allegedly invested none of the funds as promised and lost all of the money after purchasing cryptocurrency.
- The purported SAFE’s principal guarantee and 4% compounded annual return were allegedly material misrepresentations.
- Rundle allegedly stole a licensed securities professional’s identity to induce the investment.
- The release reports allegations and requested remedies, not a judgment, settlement or recovered investor funds.
