Loral L. Langemeier and her company Live Out Loud, Inc. have been ordered to pay a penalty and disgorgement following an enforcement action by the Securities and Exchange Commission (SEC).
The United States District Court for the District of Nevada has ordered Langemeier to pay a disgorgement of $404,807, prejudgment interest of $121,302.28, and a civil penalty of $50,000, for a total monetary judgment of $576,109.28. The court had previously granted the summary judgement to the SEC having found Langemeier and her company guilty of selling unregistered securities.
According to the SEC complaint, Langemeier and Live Out Loud sold investment advice to clients, mainly small business owners and elderly individuals. Langemeier allegedly convinced many of these clients to exit more conservative investments, transfer their funds to self-directed IRAs, and purchase securities in “risky and unregistered oil and gas securities offerings.” Many of these clients apparently suffered significant losses from these investments.
The complaint also alleges that Langemeier received hundreds of thousands of dollars in undisclosed compensation in the form of sales commissions when her clients purchased the oil and gas securities, and that she held undisclosed equity interests in certain of the issuers of the securities.
Langemeier is the author of self-help books and has reportedly described herself as a “money expert.” Times Live reported in 2013 that she claims to have “made about 2600 millionaires.”