SEC Charges Wavemark Capital and Michael Ayala Over Alleged $9.6 Million Mobile Home Fraud
The SEC says Wavemark Capital and Michael Ayala raised $9.6 million in an alleged mobile home fraud, with $8.8 million in disgorgement sought in Texas.
Summary
The SEC filed settled charges on September 21, 2026, against Wavemark Capital, LLC and Austin founder and CEO Michael Ayala in Securities and Exchange Commission v. Michael Ayala and Wavemark Capital, LLC, No. 26-cv-02599, in the Western District of Texas. The complaint alleges they raised approximately $9.6 million from nearly 100 investors between October 2021 and February 2025 through Wavemark Income Fund, LLC promissory notes, promising guaranteed annualized returns of 12% to 14% from mobile home rentals and sales.
Investors were told their money would buy mobile homes for installation in parks owned by Ayala-controlled affiliates. The SEC alleges no homes were purchased and funds instead supported Ponzi-like payments, sales commissions, debts and operating expenses of affiliate entities.
Without admitting the allegations, the defendants agreed, subject to court approval, to permanent injunctions covering Securities Act Section 17(a), Exchange Act Section 10(b) and Rule 10b-5. Proposed judgments require joint and several disgorgement of $8,817,909 plus $736,725 in prejudgment interest; Ayala also faces a conduct-based injunction and $236,451 civil penalty. Kendrack Lewis conducted the Fort Worth Regional Office investigation under Derek Kleinmann and Jaime Marinaro, while Keefe Bernstein led the litigation.
Positives
- Subject to court approval, the judgments would require $8,817,909 in disgorgement plus $736,725 in prejudgment interest, jointly and severally.
- The proposed permanent injunctions would bar both defendants from violating Securities Act and Exchange Act antifraud provisions.
- Ayala would face a conduct-based injunction and a $236,451 civil penalty under the proposed judgment.
Risks & concerns
- Approximately $9.6 million was allegedly raised from nearly 100 investors through Wavemark Income Fund promissory notes.
- The SEC alleges Wavemark Capital and Ayala purchased none of the mobile homes promised to investors.
- Investor money allegedly funded Ponzi-like payments, sales commissions, debts and operating expenses for Ayala-controlled affiliates.
- Promised guaranteed annualized returns of 12% to 14% were presented as coming from mobile home rentals and sales.
