Carlsbad man accused of running a cryptocurrency scheme sued by mother for selling her home without her knowledge

CARLSBAD, Calif. — The Securities and Exchange Commission is suing a San Diego-area man for running a cryptocurrency scheme that bilked more than $413,000 from investors.

In a June 23 civil complaint, attorneys for the Securities and Exchange Commission say Ian O. Mausner and his company, Evolution Lending LLC, defrauded investors by selling them unregistered shares of the Cryptocurrency Growth Fund. 

Mausner, say federal attorneys, falsely told investors that he had "30 years of experience in the financial advisory and money management industry," however, he never informed the investors that he was banned from working in the securities industry.

"From around December 2020 to January 2022, Mausner sold limited partnership interests in the [Cryptocurrency Growth Fund] to approximately 11 investors, receiving in exchange capital contributions totaling about $413,000."

Over several decades, Mausner has faced a long list of accusations, not only from the federal government but also from his mother.

In February 2023, Mausner's mother, Irena Mausner, an 87-year-old Holocaust survivor who went on to have a successful medical career in New York City, accused her son of trying to sell her Carlsbad home out from under her, without her knowledge. 

Ms. Mausner said her son did so while acting as her financial advisor. 

During that time, Mr. Mausner transferred $1.7 million into a private trading account while telling his mother it was in her name. Mr. Mausner, according to his mother's civil suit, then took $100,000 from her retirement fund without her knowledge and stole her identity to open credit card accounts, and finally forged her signature to transfer her Carlsbad home to his name.

"[Irene Mausner] has repeatedly sought an accounting of her assets from Defendant. In response, Defendant has obfuscated, provided shifting stories, and has consistently refused to produce complete documentation accounting for the whereabouts of his mother’s money and other assets despite repeated requests that he do so," reads Ms. Mausner's civil complaint, filed in federal court.

The judge in the case sided with Ms. Mausner, ordering her son to repay her a total of $2.4 million."

In Mausner's latest run-in with the Securities and Exchange Commission, the federal government is asking that a judge ban Mausner from any future trading and order him to repay his alleged victims. 

In a statement to CBS 8, Mr. Mausner refuted the SEC's allegations.

"Completely and utterly false. Every investor got their funds back with positive returns."

As for his mother's lawsuit, Mr. Mausner described it as a squabble between siblings.

"That one is solely my sister having [power of attorney] being vindictive. None of it is true. The case has been resolved, and I agreed to a final judgment. My mother and I have always been super close."