In August 2025, the Arizona Securities Division issued a cease and desist order against former LPL Financial broker Lisa Boisselle and her firm, Wealthwise, for alleged violations of state securities laws linked to cryptocurrency-related investments. Regulators allege that Boisselle solicited at least $1.4 million from 16 clients between 2021 and 2023 for two fraudulent crypto programs: NovaTech and HyperFund (also called HyperVerse).
If you’ve been pressured into making an investment you didn’t fully understand or suspect might have been fraudulent, you’re not alone—the securities fraud lawyers at Meyer Wilson Werning can help. Our attorneys are experienced in broker misconduct and cryptocurrency cases and will help to guide you through the process with a free consultation.
The Arizona Cease and Desist Order
The cease and desist order filed on August 5, 2025 describes how Boisselle marketed NovaTech and HyperFund despite not being licensed or registered with the Arizona Corporation Commission. Wealthwise, her advisory firm, is no longer a registered RIA.
Regulators found that:
- From November 2021 to April 2023, Boisselle raised $1.4 million from at least 16 clients for investments in NovaTech and HyperFund.
- She solicited investments after leaving LPL Financial, where she had been registered from 2018 to 2022.
- Neither she nor Wealthwise disclosed that the programs had already been flagged by regulators as fraudulent schemes.
This action reflects a growing trend of state regulators targeting advisors who promoted unregistered cryptocurrency offerings.
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The Crypto Programs at the Center of the Case
Both NovaTech and HyperFund have been the subject of SEC enforcement actions for operating large-scale fraudulent crypto investment schemes.
- HyperFund (HyperVerse): In January 2024, the SEC charged Sam Lee (Xue Lee) and Brenda Chunga (“Bitcoin Beautee”) with running a $1.7 billion global crypto pyramid scheme. Investors were sold “membership packages” that promised guaranteed returns based on supposed crypto mining operations and partnerships with Fortune 500 companies.
- NovaTech Ltd.: In December 2023, the SEC charged Cynthia and Eddy Petion for operating NovaTech, which raised over $650 million from more than 200,000 investors worldwide. NovaTech presented itself as a crypto and foreign exchange trading program but functioned as a multi-level marketing scheme.
By connecting her clients to these two schemes, Boisselle placed investor money directly into programs already under regulatory fire.
Why Crypto Risks Are Different
Unlike traditional investments, cryptocurrency programs like NovaTech and HyperFund often operate outside traditional regulatory channels, making them fertile ground for fraud. Investors face unique risks:
- Lack of oversight: Many crypto platforms are not registered with the SEC, FINRA, or state regulators.
- High reliance on marketing promises: Programs often tout guaranteed returns that are unsustainable.
- Multi-level marketing structures: Recruitment-based payouts, as seen in HyperFund, resemble pyramid schemes.
- Limited recovery options: Once funds are transferred into fraudulent crypto schemes, they can be difficult or impossible to trace and recover.
Boisselle’s case underscores how these risks multiply when traditional advisors promote crypto without proper due diligence.
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Investor Complaints and Supervisory Concerns
The allegations against Boisselle raise broader questions about her former firm, LPL Financial, and whether adequate supervisory measures were in place while she was registered there. Broker-dealers are required to monitor for red flags when their representatives solicit high-risk or unregistered products. Failure to act can expose firms to liability if investors suffer losses.
State regulators have increasingly highlighted how independent advisors and small firms, like Wealthwise, operate with fewer compliance checks. That gap can allow fraudulent crypto schemes to slip through and reach unsuspecting investors.
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How Meyer Wilson Werning Helps Crypto Investors
The Wealthwise case illustrates how fraudulent crypto offerings like NovaTech and HyperFund can devastate investors when pushed by trusted financial professionals. At Meyer Wilson Werning, we represent clients who lost money in cryptocurrency-related schemes promoted by advisors or broker-dealers who failed in their duties. If you invested in NovaTech, HyperFund, or similar programs and experienced losses, contact us today so we can help you explore recovery options through arbitration or litigation against responsible parties.
Frequently Asked Questions
What cryptocurrency schemes was former LPL broker Lisa Boisselle accused of promoting?
Regulators allege Lisa Boisselle solicited $1.4 million from 16 clients for investments in NovaTech and HyperFund, both of which the SEC has charged as fraudulent crypto programs. These schemes promised high returns but operated as pyramid-style scams.
How did NovaTech and HyperFund defraud investors?
HyperFund marketed “membership packages” with guaranteed returns that relied on recruitment, while NovaTech raised over $650 million under the guise of crypto and forex trading. Both programs collapsed, leaving investors with heavy losses.
Why is the Arizona Securities Division involved in the Boisselle case?
In August 2025, Arizona regulators issued a cease-and-desist order after finding Boisselle sold unregistered crypto securities through her firm Wealthwise. She was not licensed or registered to offer such products.
What risks do investors face when financial advisors promote crypto investments?
Crypto programs often operate outside regulatory oversight, making them vulnerable to fraud, exaggerated promises, and limited recovery options. When trusted advisors push these schemes, investors face even greater exposure to loss.
Can investors recover losses from fraudulent crypto schemes promoted by advisors?
Yes, investors may pursue arbitration or litigation if advisors or brokerage firms failed in their supervisory duties. Legal claims can target both the individual advisor and the firms responsible for oversight.
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