Kizzang Founder Faces Fraud Charges

Involves $9 million in investments

The Securities Exchange Commission has charged Robert Alexander, founder of Kizzang LLC, for investment fraud after he raised around $9 million from around 50 investors for the development and launch of an online gaming platform.

Alexander reportedly misrepresented numerous facts to attract investors while promising a minimum return of 10 times their investment.

The SEC claims Alexander used investor funds totalling $1.3 million to finance his daily living, fund his daughters education, buy expensive cars, pay off personal debts and fund his gambling habit.

“As alleged in our complaint, Alexander promoted Kizzang as an opportunity for investors to profit from the early success of a technology start-up,” Carolyn Welshhans, Associate Director in the SEC’s Division of Enforcement, said. “In reality, Alexander brazenly converted investor proceeds for his personal use, sometimes within days of receiving investor funds.”

The SEC has charged Alexander and Kizzang with violating the anti-fraud provision of the Securities Act and Exchange Act, in the complaint filed with the U.S. District Court for the Southern District of New York.

Simultaneously, the U.S. Attorney’s Office for the Southern District of New York has laid criminal charges against Alexander.

The 17-Page complaint can be read here:
https://www.sec.gov/litigation/complaints/2019/comp-pr2019-8.pdf

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Brian Cullingworth

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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