A New York City resident, Alan Burak, has been accused by federal and local authorities of embezzling millions from his company, Never Alone Capital LLC. In an audio recording, he admitted to feeling like a failure and acknowledged his company as fake.
Burak, 40, from Manhattan, faces a 26-count indictment including grand larceny, securities fraud, and falsifying business records, as announced by Manhattan District Attorney Alvin Bragg. Despite pleading not guilty during a court hearing on Wednesday, the U.S. Securities and Exchange Commission has filed a related civil lawsuit.
Allegedly raising $4 million dishonestly from investors since 2018, including friends, family, and individuals from a financial education company serving Hispanics, Burak misrepresented his investment success dating back to 2006 and managed assets totaling $157 million, promising investments on "Wall Street."
Instead, Burak diverted funds for personal use, covering expenses like an adult subscription service, travel, and purchases for his wife. The fraudulent scheme spanned from 2018 to 2023.
In a recording disclosed by the SEC, Burak revealed his internal turmoil on July 25, 2022, admitting to his fraudulent activities stating, "I am failing because I am fake… I am literally stealing money from people."
Bail for Burak was established at $500,000 in cash along with two $1 million bonds by Bragg's office. Burak's attorney, Eric Creizman, stated, "Alan voluntarily returned to New York to address these allegations. We will address these charges in court and put the government to its proof."