SEC files settled action against estate of fund manager Chirayu Vijay Patel

On October 19, 2026, the SEC filed settled charges against the estate of Chirayu Vijay Patel. According to the complaint, Patel solicited investments in two offerings, one promising fixed returns of 6% per year and the other with target returns of 20% per year. The complaint alleges that between around July 2020 and November 2025, Patel pooled approximately $10 million from investors, misappropriated approximately $1.2 million, returned approximately $1.5 million through Ponzi-like payments and lost over $7 million through trading.

It further alleges that Patel provided investors with false and misleading account statements and false rates of return. The complaint, filed in the U.S. District Court for the District of New Jersey, charges Patel with violating antifraud provisions of the Securities Act and the Exchange Act. Without admitting the allegations, the estate's administrator consented to a final judgment, subject to court approval, ordering disgorgement of $1,204,597.77 plus prejudgment interest of $198,497.46.