The Securities and Exchange Commission has brought a complaint against several individuals and entities accused of operating a fraudulent investment scheme. The defendants include Nathan Gauvin and his associated companies, Blackridge, LLC; Gray Digital Capital Management USA, LLC; and Gray Digital Technologies, LLC.
According to the SEC, between March 2022 and March 2025, Gauvin carried out two related offering schemes through these entities. The first involved raising approximately $18.1 million from more than 40 investors in multiple states and foreign countries through an unregistered offering known as the Gray Fund. Gauvin allegedly claimed to be a successful manager with Blackridge, which he described as a New York-based financial firm with more than $1 billion in assets under management. Based on these representations, he launched Gray Digital and the Gray Fund in March 2022, describing it as a diversified investment fund that would trade various securities.
The SEC alleges Gauvin misrepresented the Gray Fund’s performance by claiming monthly returns ranging from 1.14% to 21.14%, while actual trading produced significantly lower returns. The complaint further alleges that Gauvin misappropriated approximately $6.3 million in investor funds for personal use and issued false account statements. In May 2024, Gauvin allegedly began a second scheme by offering shares of “seed stock” in Gray Digital Technologies at $30,000 per share but did not provide the promised NFTs documenting ownership interests.
The SEC contends that the defendants violated antifraud and securities registration provisions of federal securities laws. The agency seeks permanent injunctive relief, disgorgement of alleged ill-gotten gains with prejudgment interest, and civil penalties.
The plaintiff is represented by attorney Matthew J. Gulde of the United States Securities and Exchange Commission. The case was filed in the United States District Court for the Eastern District of New York under 1:25-cv-6811.