The Securities and Exchange Commission (SEC) today announced settled charges against Gustavo Dolfino for making material misrepresentations to investors in Student Global, LLC, the education-tech startup he founded.

Dolfino made material misrepresentations concerning his background, his own investment in Student Global, and his net worth.

According to the SEC’s order, between 2016 and 2022, Dolfino raised approximately $20.6 million from investors. The order finds that, during the solicitation process, Dolfino told investors that he had founded and sold a hedge fund, sold a pharmaceutical company, personally invested millions of dollars into Student Global, and that he was worth hundreds of millions of dollars, none of which was true.

The order also finds that Dolfino directed the creation of an online autobiography which contained some of these same misstatements and sent or otherwise directed investors to that webpage.

According to the order, Dolfino dissolved Student Global in November 2023.

The order finds that Dolfino violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10(b)-5 thereunder.

Without admitting or denying the SEC’s findings, Dolfino consented to cease-and-desist from further violations of these provisions and agreed to pay disgorgement of $5,110,500, prejudgment interest of $646,377, and a civil penalty of $500,000. Dolfino also consented to industry and officer and director bars.