Citing the case of an investment manager who falsely claimed he turned $600 into $6 million, the SEC warned consumers on Wednesday that those who make extraordinary boasts about their investment prowess are usually pitching a scam and should be avoided.

The warning is based in part on two cases in which the SEC issued administrative orders on Wednesday.

One case involved Michael G. Thomas of Oil City, Pa., who claimed in marketing materials that he turned a $600 investment into $6 million. In fact, he invested more than $600 and actually lost money on the investment, the SEC said in its complaint.

Thomas also claimed in marketing materials that he made 40 percent per year on a personal account and that he could get returns of nearly 50 percent over five years on investors accounts. He sent mass e-mails to 37,000 people soliciting investments for his firm, MGI investments, and sent follow-up information to 10 people who responded, the complaint said.

He said he was named one of the “Top 25 Rising Business Stars” by Fortune magazine when no such award exists, the SEC says.

Thomas agreed, without admitting guilt, to be barred from the financial business for five years and to pay a fine of $25,000.

The second case, also announced Wednesday, involved Todd M. Schoenberger of Lewes, Del., the owner of an unregistered investment advisory firm, LandColt GP LLC. Schoenberger has, according to the SEC, appeared on national TV networks such as CNBC and Fox, and on radio shows on WGMD in Delaware, Maryland and Virginia. He claims to have been quoted in national press outlets such as The Wall Street Journal, Money Magazine and Bloomberg.

According to the complaint, Schoenberger was previously registered with the SEC as an investment advisor representative and a broker, but has not been registered for several years.

Schoenberger claimed to have a financial degree from the University of Maryland, which he did not.

The touted claims to national publicity and a college degree were made “to bolster his credibility with investors, create around himself an aura of success, and entice investments in his scheme,” the SEC says.

Schoenberger falsely told prospective investors that LandColt would repay the notes through fees earned from managing a private fund. He never actually launched the fund, never had the commitments of more than $40 million in capital that he claimed, and never paid investors the returns he promised, the complaint said.

To settle the SEC’s charges, Schoenberger agreed to pay $65,000 in disgorgement of ill-gotten gains and consented to an order barring him from associating with any broker, dealer or investment adviser and from serving as an officer or director of any public company.

Based on these two cases and others, the SEC is warning investors to thoroughly check the claimed credentials of people soliciting investments to ensure they are not falsifying, exaggerating or hiding facts about their backgrounds.

“Do not trust someone with your investment money just because he or she claims to have impressive credentials or experience, or manages to create a ‘buzz of success,’” the SEC said.

The SEC alert notes that investors sometimes unintentionally contribute to a fraudster’s false reputation of success and accomplishment by merely repeating to others the misrepresentations being made to them.

Investors can conduct background checks of financial professionals to ensure they are properly licensed or registered with the SEC, Finra or a state regulatory authority by visiting the Ask and Check section of the SEC’s investor.gov website.

“Advisors looking to raise funds cannot lie about their backgrounds to lull investors into a false sense of security about their purported expertise or the profitability of a potential investment,” said Julie M. Riewe, co-chief of the SEC Enforcement Division’s Asset Management Unit.