(HedgeCo.Net) The Securities and Exchange Commission has charged Allan L. Lundervold with selling nearly $9 million in unregistered securities without being registered as or associated with a registered broker-dealer.

According to the SEC’s complaint, from 2012 through 2015, Lundervold, who currently resides in Arizona, raised nearly $9 million for ARP Wave, LLC, through selling unregistered ARP Wave securities to more than 100 investors in Minnesota and elsewhere. As alleged in the complaint, he was not registered as a broker-dealer or associated with a registered broker-dealer when selling these securities, as required by the federal securities laws. For his fundraising efforts, Lundervold received a 10% commission on the amount of funds raised, for a total of nearly $900,000.

The SEC’s complaint, filed in federal court in Minnesota, charges Lundervold with violating the broker-dealer registration provisions of Section 15(a)(1) of the Securities Exchange Act of 1934. The SEC seeks a permanent injunction, disgorgement of ill-gotten gains with prejudgment interest, and a civil penalty.