Local Man Charged with $700,000 Investment Fraud
HULL—David Markiewicz, a former hotel banquet worker, faces serious allegations of securities fraud after allegedly deceiving his coworkers out of over $700,000 through a fraudulent investment scheme. Massachusetts Secretary of State William Galvin announced the charges against Markiewicz, who is accused of creating a fake investment company, Nantasket Trading, LLC, to lure investors during the pandemic’s early days, promoting a "get rich quick" scheme.
According to an administrative complaint filed by Galvin’s Securities Division, for eight years, Markiewicz misused investor funds for personal expenses including shopping, dining, travel, and even funding a soccer academy in Arizona. He provided investors with falsified earnings reports, concealing poor trading performance and losses. Despite depleting nearly all the funds, he continued soliciting more investments, falsely assuring investors that the timing was ideal for investment.
Galvin’s office seeks to have Markiewicz and his company return all illicit gains, provide restitution with interest to the victims, and pay administrative fines. Markiewicz has never registered to trade securities in Massachusetts, further complicating the situation as authorities work to recover losses for the affected investors.
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