Former Salesperson for Nikolai Battoo Ordered to Cease-and-Desist, Barred and Fined

According to the SEC’s findings, respondent was a U.S.-based salesperson for notorious Ponzi fraudster Nikolai Battoo, and solicited numerous investors to direct millions of dollars to a fraudulent scheme operated by Battoo and his two companies under the trade name Private International Wealth Management. PIWM was heavily invested in Madoff and “fund-linked certificates” linked to a Battoo-managed fund, both of whom, of course, were conducting Ponzi schemes and misappropriating enormous sums. The SEC found that respondent learned of the impairment but kept right on raising money for Battoo.