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Stephen Ehrlich Subject of Regulatory Actions Following Fraud Allegations

Stephen Ehrlich (CRD #: 2454375), a previously registered broker with Voyager Digital Securities, is the subject of fraud allegations by the Commodity Futures Trading Commission. This disclosure appears on his BrokerCheck record, accessed on December 12, 2023. Details regarding these allegations are provided below. 

On October 12, 2023, the CFTC alleged Stephen Ehrlich engaged in fraud when he solicited participation in and operated a digital asset trading and custody platform in a manner that resulted in the platform’s bankruptcy. 

The Federal Trade Commission also filed allegations on October 12, 2023. These stated that Stephen Ehrlich violated the FTC Act in connection with the marketing and sale of cryptocurrency and broker services. 

On December 1, 2022, investors filed a class action on behalf of investors who purchased unregistered securities beginning in 2019. 

Unregistered securities can be particularly risky and are not suitable for most investors. 


On July 8, 2022, Stephen Ehrlich filed for bankruptcy. 

Background Information 

Stephen Ehrlich has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 99TO Operations Professional Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 
  • Series 10 General Securities Sales Supervisor – General Module Examination 
  • Series 9 General Securities Sales Supervisor – Options Module Examination 
  • Series 14 Compliance Officer Examination 
  • Series 8 General Securities Sales Supervisor
  • Series 24 General Securities Principal Examination 
  • Series 27 Financial and Operations Principal Examination 

Since 2013, he has registered with seven firms: 

  • VYGR Digital Securities (CRD #: 148019) 
  • Pinnacle Capital Markets (CRD #: 119606) 
  • Venovate Marketplace (CRD #: 151143) 
  • Pennaluna & Company (CRD #: 11604) 
  • Bendigo Securities (CRD #: 152529) 
  • Lightspeed Trading (CRD #: 35519) 

Kurta Law Can Help 

If you have worked with Stephen Ehrlich and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.