A few days later, the SEC said, Kabra accepted a $250,000 cashier's check that an investor gave him after selling mutual funds. Kabra deposited the money in his personal bank account, which had a zero balance, the same day, the SEC said.

"Kabra's stories varied investor to investor," the SEC said in the complaint.

The civil complaint against Kabra and his company seeks a permanent injunction from future violations, disgorgement of allegedly ill-gotten gains with pre-judgment interest, and civil penalties, the SEC said. 

Kabra could not be reached for comment.

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