Statement Summary
The U.S. Securities and Exchange Commission (SEC) has secured a judgment against Loral L. Langemeier, known as the “Millionaire Maker,” and her company, Live Out Loud, Inc., for illegal securities practices. The District Court of Nevada found that Langemeier sold unregistered securities and acted as an unregistered broker while failing to disclose conflicts of interest to her clients, primarily small business owners and retirees, from 2016 to 2018. Clients were misled into liquidating conservative investments to purchase risky oil and gas securities, from which Langemeier profited through undisclosed commissions. The court ordered Langemeier to pay a total of $576,109.28 in disgorgement, interest, and civil penalties, and placed a permanent injunction on her and her company to prevent future violations of securities laws.
Original Statement
Loral Langemeier and Live Out Loud, Inc.
U.S. SECURITIES AND EXCHANGE COMMISSION
Lit. Release No. 26303 / May 7, 2025
Securities and Exchange Commission v. Loral L. Langemeier and Live Out Loud, Inc., No. 3:22-cv-00269 (D. Nev. filed June 15, 2022)
SEC Obtains Judgment Against “Millionaire Maker” Author who Sold Securities in Unregistered Oil and Gas Offerings
On April 29, 2025, the United States District Court for the District of Nevada entered a final judgment against Loral L. Langemeier and her company, Live Out Loud, Inc. (“LOL”), for selling securities in unregistered offerings, acting as unregistered brokers, and breaching their fiduciary duties as investment advisers by failing to disclose financial conflicts of interest to clients.
The SEC’s complaint alleged that, from at least 2016 through 2018, Langemeier held herself out as a financial expert and, through LOL, developed a roster of clients—mainly small business owners and retirees—who paid fees in exchange for Langemeier’s supposedly objective financial advice. As stated in the complaint, Langemeier allegedly convinced many of these clients to liquidate relatively conservative investments, transfer their funds to self-directed IRAs, and purchase securities in risky and unregistered oil and gas securities offerings. The complaint further alleged that Langemeier received hundreds of thousands of dollars in undisclosed compensation in the form of sales commissions when her clients purchased the oil and gas securities, and that she held undisclosed equity interests in certain of the issuers of the securities.
The Court previously granted summary judgment to the SEC. On February 16, 2024, the Court found that Langemeier and LOL sold securities in unregistered offerings in violation of Sections 5(a) and (c) of the Securities Act of 1933, failed to register as securities brokers in violation of Section 15(a) of the Securities Exchange Act of 1934, and failed to disclose financial conflicts of interest to advisory clients in violation of Section 206(2) of the Investment Advisers Act of 1940.
In its final judgment, the Court ordered Langemeier to pay disgorgement of $404,807, prejudgment interest of $121,302.28, and a civil penalty of $50,000, for a total monetary judgment of $576,109.28. The Court also permanently enjoined Langemeier and LOL from violations of the charged provisions.
The SEC’s litigation was led by Brian T. Fitzsimons and supervised by James Carlson.
