Massachusetts Secretary of State William F. Galvin is alleging that three Cambridge-based hedge funds and the man who ran them have been operating a Ponzi scheme that took in $15.3 million from 47 investors.

In a civil complaint filed Wednesday, the state Securities Division alleges that Yasuna Murakami launched his MC2 Capital Partners Fund in 2007, taking in $3.5 million, mainly from friends and family.

A year later, the complaint says, he started MC2Capital Value Partners Fund, which, like the fund before it, lost significant sums of money. In 2009, he started a third similarly named fund, partnering with a successful Toronto firm in a bid to recruit more investors.

Since 2011, the state alleges, Murakami has returned less than $6 million to investors, while misleading new clients to bring in more money and “misappropriating millions of dollars for his own gain.’’

Murakami has spent investors’ money on high-end shopping trips, luxury hotels, a car, and $1,000 restaurant tabs, according to the complaint.

His lawyer, Seth Orkand, in a statement said the Securities Division’s accusations were unproven. “Mr. Murakami and the MC2 funds look forward to defending themselves in court,’’ Orkand said.

Galvin’s office wants to recoup investors’ money and bar Murakami and the funds from the securities business in Massachusetts.

“This case represents a classic example of a shell game of moving the money from one investor to another with some left over to fatten the coffers of the money manager,’’ Galvin said in a statement.

Beth Healy can be reached at beth.healy@globe.com. Follow her on Twitter @HealyBeth.