Eric Gemelli and his company, Market4Caster, LLC, based in Golden, Colorado, have admitted to selling securities without a license. This admission comes as part of an agreement with the Colorado Securities Commissioner. The Denver District Court has approved the agreement, barring both Gemelli and Market4Caster from offering or selling any securities in Colorado or to its residents for ten years. They are also prohibited from acting as investment advisers or representatives in the state during this period.
The legal action began when Colorado Securities Commissioner Tung Chan filed a civil complaint on November 6, 2024. The complaint alleged that Gemelli and his company sold more than $3 million worth of unregistered investments, including penny stocks and interests in mining operations. According to the complaint, Gemelli targeted individuals such as friends, students, and women he met through dating apps.
Further allegations stated that Gemelli did not disclose his high commissions to investors and failed to mention previous cease and desist orders issued against him by California authorities for similar violations.
A settlement was reached before trial was set to begin. In this settlement, Gemelli admitted earning $1 million in commissions and compensation from these activities but had already spent those funds.
Commissioner Chan commented on the outcome: “Mr. Gemelli is not welcome to sell securities in Colorado for the next decade. Any violations of this order will be pursued to the fullest extent of the law.”
The Division of Securities advises consumers to research anyone offering securities by searching online or visiting Investor.Gov. Investment registrations can be verified through the U.S. Securities and Exchange Commission’s EDGAR database at https://www.sec.gov/edgar.shtml.
Individuals who believe they may have been involved in an investment scam are encouraged to contact the Division of Securities via email at Dora_SecuritiesWebsite@state.co.us or by phone at 303-894-2320.
