State Banking Commissioner Jorge Perez ordered the principals of a defunct Greenwich fintech company to pay back more than $800,000 to investors they sold unregistered convertible promissory notes to from 2017-2021, according to an April 1 banking department statement.
On March 28, Perez issued an Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing against Valuex Research, LLC , a currently dissolved Connecticut limited liability company, Valuex Fintech LLC , Ulrika Johansson a/k/a Ulrika Drax Johansson a/k/a Ulrika E. Johansson, and Peter Johansson. Research and Fintech shared the same business address at 309 Greenwich Avenue, Greenwich. Peter was the co-founder of Research and the managing member of Fintech, according to the banking department.
The commissioner also issued an notice of an intent to fine and that the principals have a right to a hearing.
The order states that within 30 days from the date or the order the principals must make permanent restitution of about $843,000, plus interest to each of the 37 investors.
The action alleged that, from approximately 2017 through 2021, Ulrika and Peter Johansson sold unregistered Valuex Research convertible promissory notes to at least 37 investors located in the United States and Sweden. The action also alleged that they sold unregistered pooled investments in Valuetex Fintech to multiple investors in both of those countries. The offer and sale of unregistered securities by the Respondents allegedly violated Section 36b-16 of the Connecticut Uniform Securities Act, the court order stated.
On Sept. 28, 2023, the commissioner filed a verified application for enforcement of subpoenas in Superior Court for the Judicial District of Hartford (Perez v. Johansson, Ulrika, et al) The application sought an order enforcing immediate compliance with the Subpoenas.
On Dec. 18, 2023, legal counsel for the respondents filed a motion to Dismiss based on a purported lack of subject matter jurisdiction. During arguments pertaining to that motion held on Feb. 26, 2024, respondents’ counsel admitted that the convertible promissory notes sold to investors by his clients were securities.
The order also alleged that the respondents violated antifraud provisions by misrepresenting how the investment proceeds would be applied, commingling investor funds with their own and using investor monies to cover their personal expenses; erroneously leading investors to believe that Oppenheimer and Co. was Valuex Research’s investment banker; and failing to disclose multiple financial judgements against the respondents.
