Washington State Department of Financial Institutions
02/17/2026 | Press release | Distributed by Public on 02/17/2026 13:56
iCap Enterprises, Inc.; iCap Pacific Northwest Opportunity and Income Fund, LLC; iCap Northwest Opportunity Fund, LLC; iCap Equity, LLC; iCap Pacific Income Fund 4, LLC; iCap[...]
Case summary
On February 17, 2026, the Washington State Department of Financial Institutions Division of Securities entered a Statement of Charges (S-23-3608-26-SC01) against iCap Enterprises, Inc.; iCap Pacific Northwest Opportunity and Income Fund, LLC; iCap Northwest Opportunity Fund, LLC; iCap Equity, LLC; iCap Pacific Income Fund 4, LLC; iCap Vault 1, LLC; iCap Pacific Income Fund 5, LLC; iCap Investments, LLC; iC.
Order details
Order File: S-23-3608-26-SC01
Laws & Rules: RCW 21.20.140 RCW 21.20.010 RCW 21.20.040 RCW 21.20.110
Penalties/Remedies:
Intent to order:
- Cease and desist;
- Fines & costs;
- Denial of Registrations
Allegations
Allegations:
- From at least 2013 to 2023, iCap issued a series of private placements of debentures and promissory notes. The company promised to invest the funds in real estate ventures and pay investors a return. In total, the company raised at least $250 million from more than 1,800 investors.
- iCap and its management team failed to deploy investor funds on legitimate business operations and relied on new investors to cover interest obligations to existing investors. The company operated as a Ponzi scheme.
- While offering and selling its unregistered-and in some cases, non-exempt, debt instruments-iCap and its management team spent years disseminating false and misleading information about the businesses' profitability and operations. In or around 2023, iCap stopped making monthly payments to investors.
The Respondents have a right to request a hearing on the Statement of Charges.
Order file
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