DECEASED ADVISER'S WIFE PAYS $3.8 MILLION FOR HUSBAND'S PONY SCHEME!

SEC v. The Estate of Stephen Romney Swensen, Crew Capital Group, LLC, Wendy Swensen — U.S. Securities and Exchange Commission Litigation Release No. 26377, dated August 18, 2025.

The SEC charged Stephen Swensen and his company, Crew Capital Group, with defrauding over 50 investors out of at least $29.3 million. Swensen promised guaranteed annual returns but instead used investor funds for Ponzi-like payments and personal expenses. His widow, Wendy Swensen, agreed to disgorge $3.8 million in funds she received from the scheme.

In Plain English

Imagine someone promises to invest your money and give you a good return, like 5% or more each year. But instead of investing it, they take your money and use it to pay other people who invested earlier, like a chain letter. They also use some of the money for themselves, like buying fancy things. That's what happened here. The person running the scheme passed away, but the SEC is still working to get money back for the people who lost it, including getting some money back from his wife who received funds from the scheme.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Promise of High Returns Stephen Swensen, through Crew Capital Group, promised investors they would earn at least 5% in annual returns, and potentially up to 10% depending on the S&P 500 index performance. He claimed Crew Capital invested in various securities like bank loans and options.
2. Misappropriation of Funds Instead of investing the money, Swensen pooled investor funds in a Wells Fargo account under Crew Capital's name, where he was the sole signatory. He did not invest the money in securities as promised.
3. Ponzi-like Payments Swensen used a portion of the incoming investor funds to make periodic payments to certain investors, creating the illusion of legitimate earnings and a Ponzi-like structure.
4. Personal Enrichment The bulk of the investor funds were used for Swensen's personal expenses, including the living expenses of his family, his mistresses, and luxuries such as private airplanes.
5. Diversion to Other Businesses Swensen also diverted investor funds from Crew Capital to other businesses he owned, specifically naming Swensen Capital, LLC and Wingman, LLC as recipients of these diverted funds.
6. Ongoing Deception Post-Death Even after Swensen's death on June 6, 2022, Crew Capital continued to violate securities laws. A website created by Swensen remained operational, displaying fictitious information about investors' purported accounts.
7. Dissipation of Remaining Assets The remaining investor money sent to Crew Capital was being spent and otherwise dissipated by the Defendants and Relief Defendants, further harming investors.

The Enforcement Action

On July 31, 2025, the SEC obtained a settled final judgment against relief defendant Wendy Swensen, ordering her to disgorge $3,839,009. This amount includes $3,626,138 in disgorged investor funds, $41,279 in prejudgment interest, and $171,592 in interest she earned. The funds will be distributed to harmed investors by the court-appointed receiver. The SEC's complaint was filed on October 14, 2022, against the Estate of Stephen Romney Swensen and Crew Capital Group, LLC.

Named in this action: The Estate of Stephen Romney Swensen, Crew Capital Group, LLC, Wendy Swensen.

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