‘Next Age of Humanity’ Champion Sued by SEC for Scamming Investors
- Faiz Chowdhury was sued by regulator for fraud in California
- He allegedly used most of the money for gambling, travel
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A California man falsely claimed to be an MIT-trained physicist who worked on secret government projects to raise $26 million for supposed battery technology and cancer-research startups, the SEC said in a fraud lawsuit.
Faiz M. Chowdhury, 54, actually spent most of the money on gambling, luxury travel and paying off investors who complained, the Securities and Exchange Commission said in a suit filed Tuesday in federal court in Los Angeles. According to the regulator, Chowdhury put only about $6.6 million of the money he raised into his companies — DTI Holdings Inc. and Quantum Age Corp.