Thiel Ruperto: Utah Files Complaint Against Ex-Hedgehog Advisor

Gilbert, Arizona financial advisor Thiel Ruperto (CRD# 4530049) was recently named respondent in a complaint by the Utah Division of Securities. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former TransAmerica Financial Advisors broker is currently registered as an investment advisor with R3WC Capital, also known as R3 Wealth Creation.

Mr. Ruperto’s BrokerCheck report discloses the Utah Division of Securities’ regulatory complaint against him. Filed in May 2025, it alleges that as a representative of Stronghold Capital and R3WC Capital, he “misrepresented or omitted material facts, acted as an unlicensed agent, and sold unregistered nonexempt securities.” The complaint alleges that he was licensed as an investment adviser representative of Stronghold Capital in Arizona when he started working as Chief Operating Officer of Hedgehog Investments, a Utah company that purported to be an investment manager even though it was not licensed with the Division. Since 2020, the complaint alleges, Hedgehog Investments “has sold more than three hundred (300) promissory notes to investors” through various representatives even though it “has never recorded a securities registration, exemption from registration, or notice filing with the Division.”

Mr. Ruperto, the complaint adds, “has never been licensed in Utah to sell securities or provide investment advice.” In spite of this, he and other firm personnel allegedly referred individuals to the firm and received compensation when individuals made investments. “Although they are or were licensed investment adviser representatives while making Hedgehog referrals to invest in what are clearly securities, those activities were not conducted through commonly-owned and managed Stronghold Partners, but instead through Stronghold Wealth.” Neither that firm nor the agents had appropriate licensing.

The investments in question included promissory notes or investment contracts known as “Hedgehog Notes,” which purportedly paid interest of 12% to 20% for a 12- or 24-month note. The respondents allegedly encouraged investors to take out home equity lines of credit to fund their investments. Mr. Ruperto allegedly made untrue representations to investors, including that Hedgehog Investments conducted a “stringent vetting process” on the investments they recommended. In fact, according to the Division of Securities, the firm did not use investors’ funds for the represented investments, and there was “no legitimate profit-making mechanism to support the payment of promised investor returns.” The Utah Division of Securities’ complaint is still pending, according to Mr. Ruperto’s BrokerCheck report. It is seeking a cease-and-desist order that would prevent further violations of the Utah Uniform Securities Act.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Thiel Ruperto holds 20 years of securities industry experience. Based in Gilbert, Arizona, he has been registered as an investment advisor with R3WC Capital since April 2025. His past registrations include Stronghold Capital Partners, CalChoice Wealth Management, TransAmerica Financial Advisors, and World Group Securities. He is licensed in Texas. (Information current as of September 8, 2025.)

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